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Operational Risk (5 elements that can give risks (failure within the…

- - - - source of risk
    - - looks at seriousness of impact
        
        terms used
        
        ‘negligible’, ‘minor’, ‘major’ and ‘severe’
    - - change it is going to happen
        
        The terms used
        
        ‘rare’, ‘unlikely’, ‘likely’ and ‘almost certain’
    - - probability harm will be done
- - - - range of measures and objectives
        
        How resilient is my organisation?
        
        Have our processes made us more resilient?
        
        What should we measure to determine if our performance objectives for operational resilience are being achieved?
      - five objectives
      - 10 measures that support the objectives.
  - - - action:
        
        avoiding risk altogether
        
        reducing the risk to a more acceptable level
        
        transferring the risk to another party
        
        sharing the risk with partners
        
        taking the risk that is less significant or cannot be mitigated in another way.