How does iGRCs support this work?
Understand process exposure
Record operational threats, their potential effects and the people responsible for reviewing them. Apply relevant likelihood, impact and risk appetite criteria.
Review controls and indicators
Connect safeguards to assessments, supporting evidence and relevant performance or risk measures. Identify where a review or incident calls the existing assessment into question.
Follow issues through
Capture events and assign corrective actions. Link the response to the affected risk and control so that subsequent reviews can consider the outcome.
How does operational risk relate to enterprise risk?
Operational risk management focuses on exposures in everyday activity. Enterprise risk management considers how those and other risks affect organisational objectives. They are complementary views of the same management framework.
Which requirements are relevant?
Operational risk reviews may support internal policies, service commitments, safety processes and sector-specific assurance. Relevant criteria should reflect the activity and jurisdiction, rather than assume that one standard applies everywhere.
Frequently asked questions
Can different teams assess different processes?
Configurable assessments and clear ownership support reviews suited to different activities, within the framework agreed for your organisation.
Can we track actions from control failures?
Actions and remediation records can be connected to the relevant incident, risk or control to support accountable follow-through.
See iGRCs in action
Discuss your current process, the people involved and the evidence you need. We will demonstrate the relevant capabilities and explore an appropriate configuration.