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distinguish between different types of risk and how these can be…
distinguish between different types of risk and how these can be identified, monitored and mitigated
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Importance of Risk ID
Provide information to management on which to make decisions and take action to ensure a controlled environment
Establish the chain of events relationship of operational risk and understand where they occur throughout the firm
Provide a basis for risk measurement and assessment which may, for example, be used for capital allocation purposes
Set boundaries to differentiate between operational risk and other risk types (such as market and credit) and assign ownership for their mitigation
Develop a common language for discussing, assessing and managing risk that allows clear and transparent communication and decision-making.
Self assessment method
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Benefits
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increase awareness of risks and enable managers to highlight areas where they feel they may need support and guidance to mitigate important risks.
encourages communication between managers and the risk function and gives managers a forum where they can voice their opinions and concerns on the risk matters that affect them.
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