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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
or download 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
or download pdf

About the Operational risk management framework template

Operational risks show up across every level of a business—whether you’re dealing with supply chain disruptions, equipment failures, or staffing issues. Using an operational risk management framework template gives you an organized way to identify, assess, and track those risks across teams and locations. This template helps you standardize your approach, making risk reviews consistent and actionable.

When to use the operational risk management framework template

Operational risk management isn’t just for crisis situations—it’s most valuable before issues escalate. You can use this template when you’re introducing new systems, scaling operations, or reviewing internal processes. It helps you pinpoint potential risks before they cause delays or safety incidents.

This template is especially useful during audits, vendor onboarding, equipment changes, or team restructuring— when things shift and small gaps can turn into big problems. You can also use it to standardise how risks are assessed across departments, making sure nothing slips through the cracks. Clear documentation and consistent tracking help you respond faster and with more confidence, especially when managing operations across multiple sites or teams.

Key elements of an operational risk management framework template

Operational risk management works best when it’s systematic and grounded in the right data. Here are the template’s five essential elements:

  1. Clear risk identification: Capture what the risk is, where it’s coming from, and why it matters. This section helps you stay focused on real, specific threats—not just vague “what-ifs.”
  2. Risk assessment: Define the likelihood and impact of each risk using practical scales. This gives your team a shared language for evaluating risk severity.
  3. Control mapping: Document existing controls and highlight gaps. You can use this to spot inefficiencies or weak links in your current processes.
  4. Role assignment: Assign responsibility so that every action point has a clear owner. Accountability moves things forward.
  5. Ongoing monitoring and reporting: Set the frequency for reviewing risks and outline which indicators you’ll track. This ensures the system stays active rather than forgotten in a spreadsheet.

Download Lumiform’s operational risk management framework template today

Start using this template to bring clarity and consistency to your risk reviews. Whether you’re dealing with shifting operations, onboarding vendors, or launching new workflows, the template guides your team through each step with built-in logic and structured assessments. You’ll spend less time chasing information and get straight to what matters—solving real issues.

Related categories

  • Operational excellence templates
  • Risk management and compliance templates
  • General templates
  • Risk assessment templates
Preview of the template
entity_item!!!
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?

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Related resources

Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

Read in-depth guides covering key topics related to this article.

Operational risk management: Best practices and toolsFMEA (Failure modes and effects analysis): The expert guideProject risk management: A comprehensive guide
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Template collections

See comprehensive collections of best practice templates related to this topic.

Top 3 free operational risk management templates3 free risk identification templates for safety audits5 hazard identification forms for workplace safety
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Use cases

Check out how the Lumiform software can be utilized for related use cases.

Operational risk management softwareRisk management software for anticipating and adressing safety risksRisk analysis softwareRisk assessment software
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Other resources

Explore all the additional resources we offer to assist you in mastering this topic.

5 types of project risksHow to implement operational excellenceTo whom is continuous improvement importantWhat is process improvement?

Frequently asked questions

What’s the difference between operational risk and strategic risk?

Operational risk comes from the day-to-day execution of business functions—things like system failures, human errors, or supply chain disruptions. On the other hand, strategic risk relates to long-term business decisions and external factors that affect your direction, such as market shifts, regulatory changes, or poor investment choices.

How do you spot hidden operational risks before they escalate?

Start by looking at past incidents and near misses—they often reveal patterns others miss. Talk to frontline staff regularly, since they notice breakdowns and workarounds first. Also, track changes in KPIs or process delays—subtle shifts can signal trouble.

What are common mistakes teams make in operational risk management?

One big mistake is treating it as a one-time task instead of an ongoing process. Another is focusing only on obvious risks while ignoring low-frequency, high-impact scenarios. Some teams also skip assigning clear ownership, which means no one follows through.


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.
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