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WorksheetsOperational Risk Management Questionnaire
Total questions: 10
Worksheet time: 6mins
These are the principals of Operational Risk Management processes, except for:
Mitigate & control
Identify
Inspect
Assess
Monitor & report
What is the role of COMPLIANCE TEAM in Operational Risk Management?
co-ordinate, facilitate, assess and oversee the effectiveness and integrity of risk management and update Board and Management on risk related matters on timely basis
responsible for the management and control of day to day operational risk
provide independent assurance across all business functions in respect of the effectiveness of the risk management framework
What is the role of BUSINESS SUPPORT UNIT in Operational Risk Management?
co-ordinate, facilitate, assess and oversee the effectiveness and integrity of risk management and update Board and Management on risk related matters on timely basis
responsible for the management and control of day to day operational risk
provide independent assurance across all business functions in respect of the effectiveness of the risk management framework
Below are Operational Management Risk Tools for PRESENT events:
Control Self-assessment (CSA) / Key Control Standard (KCS)
Risk & Control Self-Assessment (RCSA)
Operational Risk Scenario Analysis (ScAn)
Key Risk Indicator (KRI)
Loss Event Reporting (LER)
Below are Operational Management Risk Tools for FUTURE events:
Control Self-assessment (CSA) / Key Control Standard (KCS)
Risk & Control Self-Assessment (RCSA)
Operational Risk Scenario Analysis (ScAn)
Key Risk Indicator (KRI)
Loss Event Reporting (LER)
What is Loss Event Reporting (LER)?
a facilitated process designed to evaluate operational risks, controls and control effectiveness, in order to establish risk profile for the business/support units that can pinpoint significant risk for further monitoring, with a view to change and improve
an audit program tool to validate the effectiveness of controls measures by applying sampling checks.
tool to monitor and manage key operational risk exposures over time
a process for reporting and monitoring operational risk loss incidents including service disruption to system failure, secrecy breach and Shariah Non-Compliance.
a systematic process in the creation of plausible operational risk events and is an essential element in operational risk management and measurement. It is a forward-looking risk management tool that examines and explores emerging tail-end events, which are usually low frequency and have a high impact.
Upon detection, all operational risk events, including Shariah Non-Compliance (SNC) are required to be reported within:
1 working day
2 working days
3 working days
4 working days
If the Operational Risk event could not be reported in OpRisk System timely due to system unavailability, Operation Risk Coordinator (ORC) is required to:
do nothing
complete the OPERATIONAL RISK EVENT REPORTING FORM and forward it to Group Internal Auditors.
complete the OPERATIONAL RISK EVENT REPORTING FORM and forward it to Bank Negara Malaysia.
complete the OPERATIONAL RISK EVENT REPORTING FORM and forward it to Group Operation Risk Management.
Below are types of loss events except for:
Future loss
Potential loss
Near miss
Actual loss
Risk of loss can result from inadequacy or failure of items below, except for:
External events
Strategy
People
Internal control/processes
Systems
