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Operational Risk Management

Frameworks & Strategies

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4.6

Based on 399 ratings

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Jack Farmer

In the final course from the Risk Management specialization, you will be introduced to the different roles in risk governance and the benefits of establishing an operational risk management program at your own workplace. This course will highlight key elements of an Operational Risk Management framework and help you identify the appropriate elements to incorporate in your own program. By the end of the course, you will be able to capture, report, and investigate operational risk events, produce meaningful key risk indicator (KRI) data and trend analysis, assess organizational risk appetite, and design an Operational Risk Control and Self-Assessment program.

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In the final course from the Risk Management specialization, you will be introduced to the different roles in risk governance and the benefits of establishing an operational risk management program at your own workplace. This course will highlight key elements of an Operational Risk Management framework and help you identify the appropriate elements to incorporate in your own program. By the end of the course, you will be able to capture, report, and investigate operational risk events, produce meaningful key risk indicator (KRI) data and trend analysis, assess organizational risk appetite, and design an Operational Risk Control and Self-Assessment program.

To be successful in this course, you should have a basic knowledge of statistics and probability and familiarity with business operations. Experience with MS Excel and Python recommended.

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What's inside

Syllabus

Getting Started

In the final course from the Risk Management specialization, you will be introduced to the different roles in risk governance and the benefits of establishing an operational risk management program at your own workplace. This course will highlight key elements of an Op Risk Management framework and help you identify the appropriate elements to incorporate in your own program. By the end of the course, you will be able to capture, report, and investigate operational risk events, produce meaningful key risk indicator (KRI) data and trend analysis, assess organizational risk appetite, and design an Operational Risk Control and Self-Assessment program. To be successful in this course, you should have a basic knowledge of statistics and probability and familiarity with business operations. Experience with MS Excel and Python recommended.

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Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Suits experienced learners who seek foundational knowledge in operational risk management

Introduces ORC governance and roles

Provides key elements for ORC and assists learners in identifying elements for their own programs

Offers tools and methods for operational risk identification

Guides learners in measuring and analyzing OR data

Assists learners in designing ORC and self-assessment programs

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Reviews summary

Essential operational risk management frameworks

According to students, this course offers a comprehensive and practical understanding of operational risk management. Learners particularly appreciate the clear explanation of frameworks and strategies, which are highly relevant for working professionals. Many found the instructor's expertise and delivery to be a significant strength, making complex topics accessible. While it provides a strong foundation for establishing an ORM program, some students noted that those without a basic understanding of statistics and business operations might find certain sections challenging. The course is seen as highly valuable for career development in risk governance.

Boosts skills essential for professionals in risk management roles.

"This specialization, and especially this final course, is invaluable for anyone in or aspiring to a risk management career."

"I feel much more confident discussing and implementing operational risk strategies in my workplace after this course."

"The content directly applies to real-world responsibilities in risk governance and adds significant value to my resume."

Instructor delivers complex topics with great clarity and expertise.

"The instructor's explanations were very clear, making even the challenging concepts easy to grasp."

"I really appreciated how the instructor simplified complex operational risk scenarios and provided practical examples."

"Their deep knowledge and engaging teaching style made the learning experience truly enjoyable and effective."

Highly practical course, detailing frameworks for real-world application.

"This course provided me with a solid understanding of operational risk frameworks that I can apply directly to my work."

"I found the strategies discussed to be extremely relevant and actionable for setting up an ORM program."

"The focus on practical elements for risk governance was exactly what I needed for my professional development."

Requires basic statistics and business operations for full comprehension.

"Learners should definitely have a solid grasp of statistics and probability before diving into this course."

"I struggled with some parts because my background in business operations wasn't as strong as needed."

"While recommended, the basic knowledge of statistics felt more like a requirement to keep up with the pace."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Operational Risk Management: Frameworks & Strategies with these activities:

Review basic statistics and probability concepts

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Ensure a strong foundation in statistics and probability, which are essential for operational risk management.

Browse courses on Statistics

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Review textbooks or online resources on basic statistical concepts.
Solve practice problems to reinforce understanding.

Organize and summarize key concepts from course materials

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Reinforce understanding by actively organizing and summarizing the key concepts covered in the course.

Browse courses on Operational Risk Management

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Review the course syllabus and identify key topics.
Summarize the main points of each topic in your own words.
Organize the summaries into a cohesive document.

Read "Operational Risk Management: A Practical Guide" by John Thirlwell

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Enhance understanding of operational risk management practices through a comprehensive review of a practical guide.

View FT MAST. Blunden: Mastering Risk Management... on Amazon

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Read the book thoroughly and take notes for key concepts.
Identify and analyze the case studies presented in the book.
Apply the knowledge gained to real-world operational risk scenarios.

Four other activities

Expand to see all activities and additional details

Show all seven activities

Explore online resources on operational risk measurement and analysis

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Supplement classroom learning by seeking out additional resources to deepen understanding of risk measurement and analysis techniques.

Browse courses on Risk Analysis

Show steps

Search for reputable online articles, videos, or tutorials on operational risk measurement.
Review the materials and take notes on key concepts and methodologies.
Apply the knowledge gained to analyze operational risks in a practical context.

Practice identifying operational risks with case study simulations

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Apply the knowledge to identify and evaluate operational risks in practical scenarios.

Browse courses on Operational Risk Management

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Review the case study materials provided by the instructor.
Identify and analyze the potential operational risks in the case study.
Develop and evaluate mitigation strategies for the identified risks.

Engage in study groups to discuss operational risk management case studies

Show steps

Foster collaborative learning and diverse perspectives by discussing case studies with peers.

Browse courses on Operational Risk Management

Show steps

Form study groups with classmates.
Select relevant case studies.
Analyze the case studies and prepare for discussions.
Participate actively in discussions sharing insights and perspectives.

Design an operational risk control and self-assessment program

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Demonstrate understanding of operational risk management frameworks by designing a comprehensive control and self-assessment program.

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Research and identify industry best practices for operational risk control.
Develop a framework for an operational risk control program tailored to your organization's needs.
Create a self-assessment tool to evaluate the effectiveness of the control program.

Career center

Learners who complete Operational Risk Management: Frameworks & Strategies will develop knowledge and skills that may be useful to these careers:

Operational Risk Manager

An Operational Risk Manager has the responsibility of developing and managing the implementation of operational risk program for their organization. This role works to identify the sources of risk, as well as the probability that a risk will occur. The Operational Risk Management: Framework & Strategies course will help you get into this role by teaching you the tools and techniques needed to effectively identify, measure, and manage operational risk.

See salaries and explore the career path for Operational Risk Manager

Risk Analyst

Risk Analysts are responsible for identifying, assessing, and mitigating various types of risk. This typically involves identifying potential risks and developing strategies to minimize their impact. The Operational Risk Management: Framework & Strategies course can help you succeed in this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Risk Analyst

Business Analyst

Business Analysts help organizations improve their performance by optimizing processes and identifying areas for improvement. They may also be responsible for developing and implementing new systems or procedures. The Operational Risk Management: Framework & Strategies course can give you a competitive advantage in this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Business Analyst

Financial Analyst

Financial Analysts evaluate the financial performance of companies and make recommendations for investment. They may also be responsible for developing and implementing financial models. The Operational Risk Management: Framework & Strategies course can be a valuable asset in this role by teaching you to identify and manage operational risks that may have financial implications.

See salaries and explore the career path for Financial Analyst

Compliance Officer

Compliance Officers ensure that their organizations are compliant with relevant laws and regulations. They may also be responsible for developing and implementing compliance policies and procedures. The Operational Risk Management: Framework & Strategies course can help Compliance Officers to identify and manage operational risks that could lead to non-compliance.

See salaries and explore the career path for Compliance Officer

Auditor

Internal Auditors evaluate the effectiveness of an organization's internal controls. They may also be responsible for conducting financial audits or risk assessments. The Operational Risk Management: Framework & Strategies course may provide a helpful foundation for this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Auditor

Regulatory Affairs Manager

Regulatory Affairs Managers are responsible for ensuring that their organizations are compliant with relevant laws and regulations. They may also be responsible for developing and implementing regulatory compliance policies and procedures. The Operational Risk Management: Framework & Strategies course can help you to identify and manage operational risks that could lead to non-compliance.

See salaries and explore the career path for Regulatory Affairs Manager

Project Manager

Project Managers are responsible for planning, executing, and closing projects. They may also be responsible for managing project teams and budgets. The Operational Risk Management: Framework & Strategies course may provide a helpful foundation for this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Project Manager

Data Analyst

Data Analysts collect, analyze, and interpret data to help organizations make informed decisions. They may also be responsible for developing and implementing data analysis models. The Operational Risk Management: Framework & Strategies course may provide a helpful foundation for this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Data Analyst

Quality Assurance Manager

Quality Assurance Managers are responsible for ensuring that products and services meet quality standards. They may also be responsible for developing and implementing quality assurance policies and procedures. The Operational Risk Management: Framework & Strategies course may provide a helpful foundation for this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Quality Assurance Manager

Risk Management Consultant

Risk Management Consultants help organizations identify, assess, and manage risks. They may also be responsible for developing and implementing risk management plans. The Operational Risk Management: Framework & Strategies course can help you succeed in this role by teaching you the frameworks and strategies for identifying and managing operational risks.

See salaries and explore the career path for Risk Management Consultant

Reading list

We've selected eight books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Operational Risk Management: Frameworks & Strategies.

Cover image

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Review of the Adequacy of the Fund’s Precautionary...

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Provides a comprehensive guide to operational risk management for financial institutions. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

Review of the Adequacy of the Fund’s Precautionary...

Review of the Adequacy of the Fund’s Precautionary...

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International GAAP 2020

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Provides a practical guide to operational risk management for financial institutions. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

International GAAP 2020

International GAAP 2020

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Cover image

Save

Provides a guide to operational risk management for regulators. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

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The Best of Boards

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Provides a guide to operational risk management for auditors. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

The Best of Boards: Sound Governance and Leadership...

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Information Security Program Guide

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Provides a guide to operational risk management for risk managers. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

Information Security Program Guide: Company...

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The Standard for Program Management - Fifth Edition

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Provides a guide to operational risk management for project managers. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

The Standard for Program Management - Fifth Edition

The Standard for Program Management - Fifth Edition

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The Definitive Guide to Warehousing

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Provides a guide to operational risk management for supply chain managers. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

The Definitive Guide to Warehousing

The Definitive Guide to Warehousing

Cover image

Cover image

The National Guide to Educational Credit for...

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Provides a guide to operational risk management for healthcare professionals. It covers the key concepts, frameworks, and tools used in the field. It valuable resource for anyone working in the field of operational risk.

The National Guide to Educational Credit for...

The National Guide to Educational Credit for...

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Rating

4.6

Effort

6 hours to complete

Level

Introductory

Via

Coursera

Institution

New York Institute of Finance

Instructor

Jack Farmer

Language

English

Transcripts

Español Français Português Deutsch Italiano 中文 العربية 한국어 日本語 हिंदी Nederlands Svenska Pусский Türkçe Polski Ελληνικά українська мова magyar nyelv Bahasa Indonesia ไทย қазақша اُردُو, فارسی বাংলা tiếng Việt پښتو آذربایجان دیلی

This course belongs to a collection called Risk Management. It's comprised of three courses:

Operational Risk Management: Frameworks & Strategies (viewing)
Market Risk Management: Frameworks & Strategies
Credit Risk Management: Frameworks and Strategies

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Suits experienced learners who seek foundational knowledge in operational risk management

Introduces ORC governance and roles

Provides key elements for ORC and assists learners in identifying elements for their own programs

Offers tools and methods for operational risk identification

Guides learners in measuring and analyzing OR data

Assists learners in designing ORC and self-assessment programs

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