AORM | L1: Framework and Taxonomy for Operational Risk

Lesson 1: Framework and Taxonomy for Operational Risk
The Lesson reviews the different risk management frameworks currently used in the industry, highlighting the benefits of new contributions such as the revised ERM COSO framework. Next, the Lesson discusses the importance of a risk taxonomy that extends to causes, controls and impacts, as well as highlighting the links between various risks, for a representation of their interdependence and connectivity, rather than a single list.

Lesson 1.1: Risk Management Frameworks
• Definition of risk and structure of risk management
• Review of different type of frameworks
• COSO revised ERM framework, 2017
• Risk Management as a performance enhancer
• Measuring the value of effective risk management

Lesson 1.2: Taxonomy
• Structure of a risk taxonomy
• Examples of cause, risk, impact and control categories
• Risk connectivity and interdependence
• Risk network representations, to prioritize risk management and mitigation
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