Risk Management Association revamps its Operational Risk Management Framework
- Published: Thursday, 05 March 2020 10:08
RMA, the Risk Management Association, has made available to its members a new Operational Risk Management Framework, updating its ORM Framework originally released in 2010. The new RMA ORM Framework will allow operational risk managers to positively influence culture, decision making, and strategy throughout their organizations.
Developed by RMA’s Operational Risk Council, the Framework is a guide to every element necessary for a robust operational risk management function—from defining responsibilities to risk assessment to escalation procedures. In addition to those areas, the Framework’s sections include: the business environment and internal control factors, risk events and loss/gain data, operational risk quantification and modeling, reporting and analysis, and mapping specific risk types to causation categories.