This course sets out a step-by-step approach covering the fundamental steps required to identify, manage, and mitigate operational risks. We cover key aspects of operational risk management including critical issues such as risk analysis, risk appetite, probability, impact, risk mitigation process, and prioritization.

Inadequate or failed internal processes, people and systems or external events are the key “risk drivers” in operational risk. These “risk drivers” are exceptionally wide-ranging and cover virtually every element of the operations in all forms of business and other organizations.

As our source we draw on the financial industries approach to operational risk management as defined in the Basel Accords. The Basel view, from the definition to the process and principles used, is in the presenter's view, the most succinct way of presenting a practical interpretation of operations risk management that is easily replicated for other business and operational entities.

The effective management of all operational risks is a major component of an organization’s risk management strategy. 

Learning Objectives
  • Discover the processes used in the management of operational risk.
  • Identify the different types of operational risks.
  • Explore the methods used in identifying and evaluating the different operational risks.
  • Explore critical issues such as risk analysis, risk appetite, probability, impact, the risk mitigation process, prioritization and risk management responsibilities.
Last updated/reviewed: August 7, 2023
22 Reviews (111 ratings)

Reviews

4
Anonymous Author
This course provides an understanding of Operational Risk, how Operational Risk is classified, how to implement responses to identified risk, and how to monitor the Operational Risk environment.

2
Member's Profile
It was very difficult to follow this presentation as the slides had no connectivity with communication by the instructor. This is not a course I would recommend.

5
Member's Profile
Clear and effective slides, the instructor made clear examples and the slides were structured in a meaningful way, easy to follow. Even the language was clear

3
Member's Profile
Course discussion at a very slow pace that did not help to hold my interest. Overall a good discussion on risk and how companies work to manage and mitigate.

5
Member's Profile
Stanley Epstein has a very nice calm voice during his teachings and it's obvious he has much experience and education in Operations Risk Management.

4
Anonymous Author
The materials are very helpful and well organized. A lot of valuable information was provided. The speaker was very knowledgeable of the topics.

5
Member's Profile
This is a very detailed deep dive into the subject of Operational Risk which I find appropriate for my educational needs.

4
Member's Profile
The slides were very well done, attention grabbing and easy to follow. Good overview and reminder of what is important.

5
Member's Profile
very good course with a concise and practical description of the thinking behind risk management and what it is

4
Member's Profile
Interesting risk breakdown, more examples of application to a given line of business would have been helpful.

5
Member's Profile
Great Course. The instructor covers topic comprehensively and articulates points very accurately.

5
Member's Profile
I did not find the very new idea, however, it is good to review how to manage rotation risk.

4
Anonymous Author
It was a lot of information, explained very well. The slide examples were also very useful.

5
Member's Profile
Mr. Epstein is an excellent communicator and conveys the material in a very clear way.

4
Anonymous Author
A refresher course on operational risk. Nothing surprised me from this training.

4
Anonymous Author
This course was well prepared with excellent insights and practical examples.

5
Member's Profile
Good course...truly enjoyed. Great framework for anyone to manage risk

4
Member's Profile
Risk management is a very important subject for all internal auditors.

5
Anonymous Author
Well designed and to the point. Could be used as a tool.

3
Member's Profile
Good synopsis and overview of risk and risk management.

5
Anonymous Author
Excellent course. very good information on this topic

4
Anonymous Author
Good high level review.

Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
Introduction and Overview
  Introduction to Key Elements in Managing Opertional Risk10:20
Managing Operational Risk
  Examples of Operational Risk6:05
  How Operational Risk is Classified4:36
  Managing Operational Risk10:54
  Determining the Risk Appetite11:31
  Determining Which Risk Response is Best6:38
  Prioritizing the Risks10:35
  Implementing the Risk Response4:01
  Roles & Responsibilities in Managing Operational Risk10:39
CONCLUSION
  Operational Risk Controls3:57
Continuous Play
  Key Elements in Managing Operational Risk1:19:16
Supporting Materials
  Slides: Key Elements in Managing Operational RiskPDF
  Key Elements in Managing Operational Risk Glossary/IndexPDF
Review and Test
  REVIEW QUESTIONSquiz
 FINAL EXAMexam