Operational Risk Management: Frameworks & Strategies

Go to Course: https://www.coursera.org/learn/operational-risk-management

Introduction

### Course Review: Operational Risk Management: Frameworks & Strategies In today's ever-evolving business landscape, understanding and mitigating operational risk is crucial for organizations aiming for sustainable success. The **"Operational Risk Management: Frameworks & Strategies"** course on Coursera, as part of the broader Risk Management specialization, offers an insightful and comprehensive exploration of operational risk management (ORM). This review delves into the key components of the course, its structure, and whether it's worth the investment of time and effort. #### Course Overview The **Operational Risk Management: Frameworks & Strategies** course serves as the capstone to the Risk Management specialization, effectively synthesizing prior teachings while introducing fresh, applicable knowledge. Through a pragmatic approach, the curriculum emphasizes the significance of establishing a robust ORM program tailored to your workplace. By the conclusion of the course, participants will possess the skills to capture, report, and investigate operational risk events, develop meaningful key risk indicators (KRI), assess risk appetite, and create an Operational Risk Control and Self-Assessment program. #### Course Syllabus Breakdown 1. **Getting Started** - The course sets the tone by outlining the different roles in risk governance and highlighting the benefits of an operational risk management program. It emphasizes the need for businesses to proactively manage risks rather than merely reacting to them. 2. **Module 01: Operational Risk Management Setup** - This introductory module delves into the foundational elements of setting up an ORM program. It prepares learners to understand the landscape of operational risk and the importance of establishing a structured approach. 3. **Module 02: Operational Risk Identification Tools** - Here, students are equipped with essential tools that operational risk managers utilize to identify and flag potential risks. This module is crucial for developing an effective risk identification process. 4. **Module 03: Operational Risk Measurement and Analysis** - The focus shifts to data collection methods and the analytical techniques required to measure and analyze operational risk. Critical skills such as calculating regulatory risk capital requirements and conducting scenario analyses are introduced. 5. **Module 04: Operational Risk Framework and Governance** - In this module, participants dive into the governance aspects of ORM, understanding how to integrate risk management frameworks within organizational structures. 6. **End of Course** - The concluding segment reinforces the key learnings and prepares students for real-world application by encouraging them to consider how they will implement the knowledge gained. #### Target Audience This course is designed for individuals keen on deepening their understanding of operational risk management and its strategic implications. Participants should ideally have a basic knowledge of statistics and probability, familiarity with business operations, and preferably some experience with MS Excel and Python. #### Course Benefits 1. **Practical Application**: The course is heavily application-oriented, helping learners connect theory with practice through real-world scenarios. 2. **Expert Instruction**: Taught by seasoned professionals in the field, the course content is both current and applicable, ensuring students gain relevant insights. 3. **Flexible Learning**: Being an online course on Coursera, learners have the freedom to progress at their own pace, making it suitable for busy professionals. 4. **Networking Opportunities**: Engaging with a diverse cohort of learners can provide valuable networking opportunities within the risk management community. #### Recommendation **"Operational Risk Management: Frameworks & Strategies"** is highly recommended for professionals in finance, business operations, compliance, and those involved in risk management roles. Whether you are looking to enhance your skills for career advancement, or to better position your organization against operational risks, this course offers a wealth of knowledge and practical tools to do so. In conclusion, if you are seeking to create a robust operational risk management framework within your organization, this course provides an excellent foundation. Its practical modules, coupled with expert teaching, will equip you with the necessary skills to not just understand, but also to actively manage and mitigate operational risks in your workplace. Enroll today, and take the first step towards mastering the art of operational risk management.

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.

We’ll begin by looking at the operational risk management setup.

In this module we will look at the tools that operational risk managers use to flag and identify risks.

In Module 3, we’ll look at how you collect operational risk data to measure and analyze risk. We’ll also look at how you calculate regulatory risk capital requirements for unexpected losses and how to create scenario analyses.

Module four will cover the management and governance framework of operational risk.