In today’s ever-evolving business landscape, operational risk management has emerged as a paramount concern for enterprises of all sizes.
The global business environment is rife with uncertainties, ranging from natural disasters to cyber threats, regulatory changes, and supply chain disruptions. As a result, businesses that neglect operational risk management are navigating treacherous waters, putting their future at stake.
Operational risk, in essence, encompasses the potential for loss or harm due to the failure of people, processes, systems, or external events.
This risk can strike at any moment, making it imperative for companies to develop a robust framework for identifying, assessing, mitigating, and monitoring these risks.
Here are a few key reasons why operational risk management should be at the forefront of business strategies:
• Resilience in the face of uncertainty: Operational risks can stem from a myriad of sources, including internal factors such as process inefficiencies and external factors like economic downturns.
Businesses that have a comprehensive operational risk management plan in place can better…
