Effective operational risk management is critical to supporting business objectives and maintaining resilience. This operational risk management reporting template helps you track risks consistently, evaluate their potential impact, and take action early. It gives you a clear framework for identifying and addressing these operational risks, including process gaps, unclear responsibilities, and equipment failures.
Key elements of an operational risk management reporting template
Operational risk reporting is a tool for smarter decisions and smoother operations. Here are the essential elements included in the template:
- Risk identification: This section helps you define and describe your key operational risks clearly. Going beyond listing problems, you’ll be investigating root causes and categorizing risks to understand where they’re coming from.
- Risk assessment: Capturing how likely a risk is—and what it could cost you—adds a layer of strategic clarity. You assign levels for likelihood and impact, which combine into an overall risk exposure rating. This helps you prioritize and allocate resources more effectively.
- Mitigation planning: This is where your response takes shape. You outline existing controls, highlight any weaknesses, and define clear action plans. Assigning owners and timelines turns this from a report into a roadmap for reducing exposure.
- Monitoring: A good template keeps the conversation going. You’ll include key risk indicators (KRIs), set review frequencies, and provide updates on action plans. This ensures risks stay on the radar and that you can flag and escalate emerging issues when needed.
Customizing your operational risk management reporting template
Your risk profile and reporting needs will vary depending on your industry, team size, and the operational complexity. You can easily adapt the template to make it more actionable for your day-to-day.
First, you can adjust the risk categories to reflect the kinds of risks you actually deal with. For example, if you’re in manufacturing, you might add categories like equipment failure or supply chain disruption.
You can also edit the key risk indicators (KRIs) to align with your existing KPIs. If your team already tracks on-time delivery, system uptime, or customer complaint volumes, you can build those straight into your KRI section.
Feel free to make space for department-specific fields so local teams can report risks in their own language. Finance might need to log reconciliations and fraud controls, while operations could focus on process delays or staffing shortages.
Experience faster, more comprehensive reporting
Download this template to streamline how you assess and act on operational risks. Its organized format allows you to keep reports consistent—even when multiple teams are involved. With the template, you can spot trends faster, communicate clearly across departments, and hold the right people accountable.