Overview 

Operational Risk Management: The Competitive Differentiator

Due to the growing direct losses resulting from operational risk failures in today’s unstable economy, all organisations regardless of border, sector, or industry are vulnerable to operational risks. From the constant hazards stemming from employee behaviour, outside parties, data, business procedures and controls, inherent moral ethical and cultural risks, to the technological risks that organisations face through adoption of new technologies like robotics, automation, and artificial intelligence, operational risk is inevitable. For many organisations, operational risk management is often the weakest link in the chain when it comes to building a sustainable business that can satisfy the needs of shareholders, customers, regulators, and other internal and external stakeholders. To address this discrepancy, the Professional Certificate in Operational Risk Management will enable you to develop a comprehensive understanding of your organisation’s operational risk profile along with its risk appetite and tolerance to avert incidents that may severely impair the organisation.

The Professional Certificate in Operational Risk Management introduces you to the concepts of operational risk management and how these operational risks are identified, categorised, managed, monitored, and reported. Moreover, it will help you to make well-informed decisions that strike a balance between organisational needs, client and customer demands, product and service specifications, and shareholder requirements through effective prioritisation and articulation of the materiality of risks. This programme will support you in building a risk-aware culture that recognises operational risk losses, promotes risk accountability, and encourages the company to prioritise risks appropriately. It will strengthen your understanding of your organisation’s control environment and the ensuing material operational risks to which your company may be exposed. Furthermore, this programme will enhance your capacity to develop organisational resilience to boost client and consumer trust in the company and its brand.

Programme Outcome

This programme will allow you to:

•  Discuss the elements of a risk management framework for operational risk management.
• Establish operational risk management as an integral function within your organisation.
• Change the perception of operational risk from risk prevention to risk enabler.
• Identify operational risk events.
• Report and investigate operational risk events.
• Select appropriate operational risk management tools to support your organisation’s strategic objectives.
• Generate useful key risk indicator (KRI) data.
• Identify patterns in risk and potential control failures using a trend analysis methodology.
• Leveraging technology to monitor, aggregate, and collect risk data.
• Use operational risk management to promote more informed risk-taking and to improve competitive advantage.
• Develop an operational risk management framework that adheres to current regulatory requirements and standards.
• Manage an operational risk management programme within your organisation.