[OR] [Pillar] Core Component [1] Operational Risk Management

Operational Resilience Core Component

Operational Risk Management

Operational Risk Management (ORM) is a broader operational resilience framework component.

ORM helps identify, assess, and mitigate specific operational risks, contributing to an organisation's resilience against disruptions arising from them. 

Operational resilience, in turn, incorporates ORM strategies into a more comprehensive approach that ensures the organisation can withstand and adapt to various disruptions, including operational risks, external threats, and unforeseen events.

Operational Risk Management (ORM) and operational resilience are interconnected elements within an organisation's risk management framework. 
Here's how they relate:

Identification and Assessment

ORM involves identifying, assessing, and mitigating risks associated with operational processes. This includes technology-related risks, human factors, processes, and external events.

Operational resilience considers these identified risks part of its broader approach to understanding vulnerabilities and threats that could disrupt operations.

Risk Mitigation and Controls

ORM focuses on implementing controls and measures to mitigate operational risks. These measures are instrumental in bolstering an organisation's resilience by reducing the likelihood and impact of disruptions.

Business Continuity and Crisis Management Planning

ORM and operational resilience involve developing robust business continuity and crisis management plans.

ORM helps identify potential points of failure or vulnerabilities, while operational resilience ensures that plans are comprehensive enough to sustain critical operations during disruptions.

Adaptive Strategies

ORM typically employs proactive strategies to manage and mitigate risks.

Operational resilience takes this further by emphasising the need for adaptive strategies that enable organisations to manage risks and respond effectively to unexpected disruptions.

Focus on Prevention and Mitigation

ORM aims to prevent and mitigate risks, but operational resilience emphasises the organisation's ability to recover swiftly from disruptions.

ORM contributes to this aspect by providing insights into risks that could affect recovery efforts.

Continuous Improvement

Both ORM and operational resilience require ongoing monitoring, evaluation, and improvement.

Organisations can enhance their resilience by continuously assessing risks, learning from incidents, and refining strategies.

More Information About Blended Learning OR-5000 [OR-5] or OR-300 [OR-3]

To learn more about the course and schedule, click the buttons below for the OR-3 Blended Learning OR-300 Operational Resilience Implementer course and the OR-5 Blended Learning OR-5000 Operational Resilience Expert Implementer course.