Key Takeaways
- Operational risks span four categories: process, people, technology, and external.
- The 5x5 risk assessment matrix scores risks on likelihood and impact—scores of 15+ require immediate mitigation.
- Four response strategies: avoid, mitigate, transfer, and accept.
- Operational risk registers should be reviewed quarterly and updated after any significant process change.
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Test Your Knowledge
1.What is operational risk?
2.What is a risk register?
3.What is the Recovery Time Objective (RTO)?