Templates
Operational risk management reporting template

Operational risk management reporting template

Build stronger reports with a systematic template. It captures key risks, assigns ratings, tracks mitigation plan, and keeps monitoring consistent across teams.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
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Learn more
or Download template as PDF
Operational risk management reporting template

Build stronger reports with a systematic template. It captures key risks, assigns ratings, tracks mitigation plan, and keeps monitoring consistent across teams.

Use this template with Lumiform

The Lumiform application helps frontline teams uphold internal standards effortlessly.
  • Customize this template or build your own
  • Fill out templates via mobile app
  • Assign and track corrective actions
  • Get reports and analyse your data
Prices start from ░░░ per month
Book a demo
Learn more
or Download template as PDF

Effective operational risk management is critical to maintaining resilience. This operational risk management reporting template allows you to assess risks, analyze their severity, and rack mitigation efforts, all in one document. You can easily prioritize resources based on risk ratings and establish clear accountability for mitigation actions.

Ernst & Young found that 57% of companies consider disruption of business operations their primary third-party risk concern. By implementing regular monitoring through key risk indicators, this template helps you detect early warning signs before operational disruptions can affect your organization.

Related categories

Preview of the template
Entity
Page 1
Risk Identification
Describe the key operational risks facing the organization
Identify the root causes of the operational risks
Categorize the operational risks by type (e.g. people, process, system, external)
Assign a risk rating to each operational risk (e.g. low, medium, high)
Risk Assessment
Evaluate the likelihood of each operational risk occurring
Estimate the potential impact of each operational risk
Determine the overall risk exposure for each operational risk
Risk Mitigation
Describe the controls and mitigating actions in place for each operational risk
Identify any gaps or weaknesses in the current control environment
Outline the action plans to address the operational risks
Assign accountability and timelines for the mitigation actions
Risk Monitoring
Outline the key risk indicators (KRIs) for monitoring the operational risks
Describe the frequency of monitoring and reporting on the operational risks
Provide an update on the status of the mitigation actions
Escalate any significant changes or emerging operational risks

Frequently asked questions

How can I ensure accountability for the risk mitigation actions listed in the template?

Assign each action to a specific individual rather than a department, set clear deadlines with milestones, and establish regular check-ins. Document these commitments in the template’s accountability section. Consider linking mitigation progress to performance evaluations for key risk owners. This creates ownership and prevents mitigation plans from becoming “paper exercises” that don’t translate to actual risk reduction.

How should I present this operational risk report to senior management?

Focus on trends and significant changes rather than exhaustive details. Highlight the top 5-7 risks, recent risk events, and progress on key mitigation actions. Prepare to discuss resource needs for addressing high-priority risks. Keep the presentation concise—executives need enough information to make decisions without being overwhelmed by technical details.

What should I do if a risk’s status changes between reporting periods?

Immediately document the change in the monitoring section, including what triggered the shift. Update the risk rating if necessary and review whether mitigation actions need adjustment. For significant increases in risk level, initiate the escalation process outlined in your template. This ensures timely communication to decision-makers and demonstrates a responsive risk management approach.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.