what are the four main types of operational risk?
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Operational risk can occur at every level in an organisation. The type of risks associated with business and operation risk relate to: • business interruption • errors or omissions by employees • product failure • health and safety • failure of IT systems • fraud • loss of key people • litigation • loss of suppliers.
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Types of Risk Portfolio managers must be familiar with various types of risks that could impact the performance of their portfolios. Two broad categories of risks affect performance of portfolios and companies: Financial Risk and Nonfinancial risks. Each of these two categories consist of several types of risks.
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Businesses and investors use derivatives to increase or decrease exposure to four common types of risk: commodity risk, stock market risk, interest rate risk, and credit risk (or default risk).
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Following an overview, the guide takes you through its four phases of security risk management: assessing risk, conducting decision support, implementing controls and measuring program effectiveness.
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['Operational.', 'Clinical & Patient Safety.', 'Strategic.', 'Financial.', 'Human Capital.', 'Legal & Regulatory.', 'Technological.', 'Environmental- and Infrastructure-Based Hazards.']
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['OPCON ONE - Full Alert. A disaster or emergency is imminent or occurring. ... ', 'OPCON TWO - Enhanced Awareness. A disaster or emergency is likely to affect the state. ... ', 'OPCON THREE - Normal Daily Operations. Agencies coordinate, plan, train and exercise as warranted.']
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Risk management must be applied cyclically and continuously 4. What are the three basic categories of control? Educational/awareness, physical, supervision 5.
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Risks are generally treated at project level through one of four methods: avoidance, mitigation, transfer or acceptance. The program risk methodology should provide some practical guidance as to situations in which the different methods should be employed.
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There are three types of security controls, as follows: Management controls: The security controls that focus on the management of risk and the management of information system security. Operational controls: The security controls that are primarily implemented and executed by people (as opposed to systems).
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Strategic risks are risks that affect or are created by an organization's business strategy and strategic objectives. Operational risks are major risks that affect an organization's ability to execute its strategic plan.
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There are three major types of planning, which include operational, tactical and strategic planning.
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Explain. The four costs are internal failure, external failure, prevention, and appraisal. The hardest category to estimate is external failure costs, or costs that occur after delivery of defective parts or services. These costs are very hard to quantify.
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['Economic Risk. The economy is constantly changing as the markets fluctuate. ... ', 'Compliance Risk. ... ', 'Security and Fraud Risk. ... ', 'Financial Risk. ... ', 'Reputation Risk. ... ', 'Operational Risk. ... ', 'Competition (or Comfort) Risk.']
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External events that lead to external risk cannot be controlled by a company or cannot be forecasted with a high level of reliability. Therefore, it is hard to reduce the associated risks. The three types of external risks include economic factors, natural factors, and political factors.
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['First Dimension of Risk. Without much exception, risk professionals start with an assessment of risk. ... ', 'Second Dimension of Risk. The second dimension of risk is the process of deciding what actions to take or avoid based on the findings in the first phase. ... ', 'Third Dimension of Risk.']
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['Value Management (VM). The full range of value techniques available. ... ', 'Value Planning (VP). Value techniques applied during the planning phases of a project.', 'Value Engineering (VE). ... ', 'Value Analysis (VA).']
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There are three operational elements: activity management, operational environment, and event management. All five structural and operational elements are examined in the subsections that follow.