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How can you create a clear, concise, and actionable operational risk assessment report?

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Operational risk assessment is a crucial process for any investment banking firm, as it helps to identify, measure, and manage the potential losses from inadequate or failed internal processes, systems, people, or external events. However, not all operational risk assessment reports are created equal. Some are too vague, lengthy, or complex to provide any actionable insights or recommendations. How can you create a clear, concise, and actionable operational risk assessment report that can effectively communicate the key risks and mitigation strategies to your stakeholders? Here are some tips to follow:

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading…

1 Define the scope

The first step is to define the scope of your operational risk assessment report. This means specifying the objectives, scope, and methodology of your risk assessment, as well as the roles and responsibilities of the team members and stakeholders involved. You should also define the risk categories, criteria, and rating scales that you will use to assess the operational risks. By defining the scope, you can set clear expectations and boundaries for your report, and avoid any confusion or ambiguity.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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To make a simple and helpful operational risk report, start by saying what you're looking into and why. Talk about the big problems that could mess things up and explain how likely and how bad each problem could be. Use clear charts or pictures to show this. Give examples to make it easy to understand. Say what we can do to stop or fix these problems, and who's in charge of doing it. Make sure everyone can read and understand the report without needing to be an expert. Finish by summarizing the main points and saying what steps we should take to stay on top of things.

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2 Identify the risks

The next step is to identify the operational risks that could affect your investment banking firm. You can use various sources of information, such as historical data, industry reports, regulatory requirements, internal audits, surveys, interviews, or workshops, to gather relevant information and insights. You should also consider the impact and likelihood of each risk, as well as the existing controls and gaps. By identifying the risks, you can create a comprehensive and accurate risk profile of your firm.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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Decide what parts of your business or project you're checking (that's your scope). Then, find things that could mess up your plans - we call these "risks." Think about stuff like things breaking, not getting what you need on time, or rules changing. Explain it in simple words and examples so everyone can understand. This helps set the focus for looking at possible problems and makes the risk-finding part straightforward.

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3 Analyze the risks

The third step is to analyze the operational risks that you have identified. This means evaluating the severity and probability of each risk, as well as the effectiveness and efficiency of the current controls and mitigation measures. You can use various tools and techniques, such as risk matrices, heat maps, scenario analysis, or Monte Carlo simulation, to quantify and visualize the operational risks. By analyzing the risks, you can prioritize the most critical and urgent risks that need to be addressed.

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Vivek Raj

??CFP?, CWM?, ACCA ??Queen Margaret University ??Career Architect ??Crafting Success-Your Monetary Guide ??Leading Launch of Startups ??Building Brands
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Check how likely and how bad the problems could be. For each problem, suggest simple things we can do to either stop it or make it less of a mess. Like, if the computer might lose our info, say we should regularly save a backup copy. Explain it in simple words so everyone gets it, and make sure the suggested actions are doable. The idea is to keep things safe and sound for our business or project.

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4 Recommend the actions

The fourth step is to recommend the actions that need to be taken to manage the operational risks. This means proposing specific, realistic, and measurable actions that can reduce the impact or likelihood of each risk, or enhance the existing controls and mitigation measures. You should also assign the responsibilities, timelines, and resources for implementing the actions, as well as the indicators for monitoring and evaluating the results. By recommending the actions, you can provide clear, concise, and actionable guidance to your stakeholders.

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5 Report the results

The fifth step is to report the results of your operational risk assessment. This means presenting the key findings, conclusions, and recommendations of your risk assessment in a clear, concise, and actionable format. You should also use charts, graphs, tables, or dashboards to illustrate the operational risk profile, analysis, and actions of your firm. You should also highlight the benefits, challenges, and limitations of your risk assessment, as well as the next steps and follow-ups. By reporting the results, you can effectively communicate the value and importance of your operational risk assessment to your stakeholders.

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6 Review the process

The final step is to review the process of your operational risk assessment. This means soliciting feedback, suggestions, and lessons learned from your team members and stakeholders, as well as reviewing the data, methods, and tools that you used for your risk assessment. You should also identify the best practices, areas of improvement, and opportunities for future enhancements. By reviewing the process, you can ensure the quality, accuracy, and relevance of your operational risk assessment, and foster a culture of continuous learning and improvement.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you create a clear, concise, and actionable operational risk assessment report?

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1 Define the scope

2 Identify the risks

3 Analyze the risks

4 Recommend the actions

5 Report the results

6 Review the process

7 Here’s what else to consider

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