Templates
Operational risk management framework template

Operational risk management framework template

Monitor and respond to risks across operations with a customizable form. This template gives you a clear, repeatable way to document risks, rate their impact, and assign responsibility.

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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or Download template as PDF
Operational risk management framework template

Monitor and respond to risks across operations with a customizable form. This template gives you a clear, repeatable way to document risks, rate their impact, and assign responsibility.

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

Navigate operational uncertainties with confidence using this risk management framework template. The template provides a methodical way to document potential threats to your operations, conduct likelihood and impact assessments, establishing clear accountability for risk controls, and implement regular monitoring.

You can then better prevent costly disruptions and demonstrates due diligence to stakeholders and regulators. According to a risk survey by Protiviti and Poole College, cyberthreats rank among the top concerns for executives. Through this template, you gain a powerful tool for addressing regulatory compliance concerns while strengthening your organization’s operational resilience.

Related categories

Preview of the template
Entity
Page 1
Risk Identification
What are the key operational risks facing the organization?
What are the potential impacts of these risks?
What are the root causes of these risks?
Risk Assessment
What is the likelihood of each risk occurring?
What is the potential impact of each risk?
What is the overall risk rating for each risk?
Risk Mitigation
What controls are in place to mitigate each risk?
What additional controls are needed to further mitigate each risk?
Who is responsible for implementing the risk mitigation measures?
Monitoring and Reporting
How frequently will the operational risks be monitored?
What key risk indicators will be used to monitor the risks?
To whom will the operational risk reports be provided?

Frequently asked questions

How do I prioritize the operational risks identified in this template?

Prioritize risks by multiplying their likelihood scores by their impact ratings to create a risk rating. Focus first on high-rating risks that threaten critical operations. Consider both quantitative measures and qualitative factors like reputational damage. Update your prioritization regularly as your business environment changes and new risks emerge.

What key risk indicators should I monitor for operational risks?

Select indicators that provide early warning of increasing risk exposure. These might include system downtime frequency, error rates in critical processes, staff turnover in key positions, or compliance breach incidents. The best indicators are measurable, predictive, and directly linked to specific risks identified in your framework.

How can I ensure my risk mitigation measures are actually effective?

Test your controls through regular assessments, scenario planning, and targeted audits. Track key risk indicators to identify trends before incidents occur. It’s also important to document near-misses and analyze root causes of actual incidents. Involve frontline staff in evaluating controls, as they often spot weaknesses first. Finally, adjust measures that aren’t performing as expected.

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.