Information technologies in operational risk management

With the aim of minimizing existing risks in various business processes, organizations develop a comprehensive risk management system that is directed towards accomplishing the following objectives:

• Risk identification, determining the frequency of occurrence, and assessing the impact;
• Defining control measures to minimize the identified risks, utilizing various methodologies;
• Establishing an overall risk management strategy, determining the maximum level of acceptable risk (risk tolerance, setting risk appetite);
• Ensuring risk control through the use of different technological solutions (setting limits on transactional activities, restricting employee access based on their roles and responsibilities, etc.);
• Developing a monitoring and control system;
• Timely analysis of the current level of inherent and residual risks.

For the most effective integration of the developed risk management strategy into existing business processes, organizations use various information technologies.