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Operational Risk Management

What is Operational Risk Management (ORM)?

Risk Management is a large and diverse discipline covering all the risks that face an organisation. British Standard BS31100:2008 Risk Management – Code of Practice states that:

“Risk Management comprises a framework and process that enable an organisation to manage uncertainty in a systemic, effective, efficient and systematic way from strategic, programme, project and operational perspectives.”

VEGA has developed a separate service line to cover the wider risk domain (for more information, visit our Risk Management section). Within the Business Resilience portfolio, we provide services that relate specifically to Operational Risk Management.

Operational risk is defined as:

“Risk of loss or gain, resulting from inadequate or failed internal processes, people and systems or from external event.”

Operational Risk Management enables organisations to identify and control their exposure to risk. A perfect Operational Risk Management system does not remove all risks, but it does allow management to select the risk exposure that they approve of. Operational Risk Management removes the element of surprise when a risk turns into a real incident.

VEGA’s approach to Operational Risk Management

VEGA’s Operational Risk Management services are designed to support wider risk management best-practice, as defined by BS31100 and OGC Management of Risk standards.

VEGA Consultants are certified MoR practitioners and/or experienced in project risk management, as well as Operational Risk Management, and are supported by a comprehensive Risk Management service portfolio.

Applying VEGA’s Operational Risk Management Services

Typically, clients will specify Operational Risk Management as part of a larger Business Resilience project. However, as with all VEGA services, our modular delivery method means that Operational Risk Management can be provided in isolation, if required.

VEGA can provide a turnkey Operational Risk Management system including Risk Management tools and processes, or we can help clients extend an existing Risk Management programme (e.g. where the client is already collecting and reporting credit, market, financial or programme risks) to incorporate Operational Risk Management.

Contact VEGA for more information about Operational Risk Management