What are operational risk frameworks?
An example of an AI chatbot conversation about operational risk frameworks.
What are operational risk frameworks?
Operational risk frameworks are structured approaches used by organizations to identify, assess, manage, and mitigate operational risks.
Can you give me some examples of these frameworks?
Sure! Some popular operational risk frameworks include the Basel II framework, COSO ERM, and ISO 31000.
How do these frameworks help in risk management?
They provide guidelines and best practices for organizations to systematically manage risks, ensuring compliance and enhancing decision-making.
What are the key components of an effective operational risk framework?
Key components include risk identification, risk assessment, risk control, monitoring, and reporting.
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