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Creating Standard Operating Procedures for your Operational Risk Manager work can be difficult and take time. That’s why we’ve created these example Operational Risk Manager SOPs so you can jumpstart your SOP creation process. We want to help you set up your Risk Management systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Risk Management procedures in one place, your team will have the information they need at all times. Let’s look at some Operational Risk Manager SOP examples.
1. Risk Assessment SOP: The purpose of this SOP is to systematically identify, assess, and prioritize potential risks within the organization. It involves conducting risk assessments, analyzing the likelihood and impact of risks, and determining appropriate risk mitigation strategies. The scope of this SOP includes all departments and processes within the organization. The Operational Risk Manager is responsible for overseeing the implementation of this SOP. References to other SOPs may include the Incident Management SOP and the Risk Mitigation Plan SOP.
2. Incident Management SOP: This SOP outlines the procedures for reporting, investigating, and managing incidents that occur within the organization. The purpose of this SOP is to ensure that incidents are promptly addressed, root causes are identified, and appropriate corrective actions are taken to prevent recurrence. The scope of this SOP includes all types of incidents, such as operational, security, or compliance-related incidents. The Operational Risk Manager is responsible for overseeing the incident management process and ensuring compliance with this SOP. References to other SOPs may include the Risk Assessment SOP and the Corrective Action Plan SOP.
3. Business Continuity Planning SOP: The purpose of this SOP is to establish a framework for developing and maintaining business continuity plans to ensure the organization can continue its critical operations in the event of a disruption. It involves conducting business impact analyses, identifying critical processes and resources, developing recovery strategies, and regularly testing and updating the plans. The scope of this SOP includes all critical processes and departments within the organization. The Operational Risk Manager is responsible for coordinating the business continuity planning process and ensuring compliance with this SOP. References to other SOPs may include the Risk Assessment SOP and the Incident Management SOP.
4. Key Risk Indicators (KRI) Monitoring SOP: This SOP outlines the procedures for monitoring and reporting key risk indicators to assess the organization’s risk exposure and identify emerging risks. The purpose of this SOP is to provide early warning signs of potential risks and enable proactive risk management. It involves defining relevant KRIs, establishing monitoring mechanisms, analyzing KRI data, and reporting findings to management. The scope of this SOP includes all identified KRIs across various departments and processes. The Operational Risk Manager is responsible for overseeing the KRI monitoring process and ensuring compliance with this SOP. References to other SOPs may include the Risk Assessment SOP and the Risk Mitigation Plan SOP.
5. Risk Mitigation Plan SOP: The purpose of this SOP is to develop and implement risk mitigation plans to reduce the likelihood or impact of identified risks. It involves identifying appropriate risk mitigation measures, assigning responsibilities, setting timelines, and monitoring the effectiveness of the implemented measures. The scope of this SOP includes all identified risks within the organization. The Operational Risk Manager is responsible for overseeing the development and implementation of risk mitigation plans and ensuring compliance with this SOP. References to other SOPs may include the Risk Assessment SOP and the Incident Management SOP.
6. Compliance Monitoring SOP: This SOP outlines the procedures for monitoring and ensuring compliance with applicable laws, regulations, and internal policies within the organization. The purpose of this SOP is to identify and address compliance gaps, mitigate legal and regulatory risks, and maintain a culture of compliance. It involves conducting compliance assessments, developing monitoring plans, performing compliance testing, and reporting findings to management. The scope of this SOP includes all applicable laws, regulations, and internal policies across various departments and processes. The Operational Risk Manager is responsible for overseeing the compliance monitoring process and ensuring compliance with this SOP. References to other SOPs may include the Risk Assessment SOP and the Corrective Action Plan SOP
Looking for SOP templates for your Operational Risk Manager work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Operational Risk Manager work. Get in touch if you’ve got questions about the quickest way to build out your Risk Management SOPs library.