Instructor for this course

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: November 7, 2019

11 Reviews (60 ratings)Reviews

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
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.
Member's Profile
The slides were very well done, attention grabbing and easy to follow. Good overview and reminder of what is important.
Member's Profile
very good course with a concise and practical description of the thinking behind risk management and what it is
Member's Profile
I did not find the very new idea, however, it is good to review how to manage rotation risk.
Anonymous Author
This course was well prepared with excellent insights and practical examples.
Member's Profile
Good course...truly enjoyed. Great framework for anyone to manage risk
Member's Profile
Risk management is a very important subject for all internal auditors.
Member's Profile
Good synopsis and overview of risk and risk management.
Anonymous Author
Excellent course. very good information on this topic
Anonymous Author
Good high level review.


Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
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 .
Course Syllabus
Introduction and Overview
  10:20Introduction to Key Elements in Managing Opertional Risk
Managing Operational Risk
  6:05Examples of Operational Risk
  4:36How Operational Risk is Classified
  10:54Managing Operational Risk
  11:31Determining the Risk Appetite
  6:38Determining Which Risk Response is Best
  10:35Prioritizing the Risks
  4:01Implementing the Risk Response
  10:39Roles & Responsibilities in Managing Operational Risk
  3:57Operational Risk Controls
Continuous Play
  1:19:16Key Elements in Managing Operational Risk
Supporting Materials
  PDFSlides: Key Elements in Managing Operational Risk
  PDFKey Elements in Managing Operational Risk Glossary/Index
Review and Test