Download free excel template for Risk Register of Operational Risk Management. This template is useful for enterprise risk managers, internal auditors, auditors, audit managers, audit team leaders and business leaders. This is a free to download and easy to use template.
Operational risk management is one of the important components of risk management within organizations. It involves various activities like identifying, assessing, and mitigating the risks associated with the day-to-day operations and processes of a business.
Operational risks are those risks that arise from internal processes, systems, people, and external events that can impact an organization’s ability to achieve its objectives and carry out its activities effectively.
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About Operational Risk Register Excel Template
If we talk about operational risk management with respect to the standard process, it involves identification, assessment and implementation of risk response plan for risks and threats associated with an organization’s practises. This excel template for risk register has adequate columns and fields to capture all the relevant information that can impact operationl practices in an organization.
You can update the following information in this risk register excel template for Operational Risk management;
- Risk ID to keep track on the number of risks identified.
- Risk description helps to update the brief summary of the risk so that anyone can understand the underlying risk statement for any business processes and activities.
- Source is useful to identify the primary contributing factors for the risk.
- Impact description captures what will happen if risk is not mitigated or eliminated ?
- Recurance helps to understand if the risk is ongoing or one time. Also, depending upon the geography, industry nature, company size – this will vary for any type of risk.
- Impact Level, Probability Level and Priority Level measures the High to Low parameters of the risk in the internal audits of an organization, also helps to assign probability of occurance and priority of the risk description.
- Control measures that already exist in the process of the corporate or business that can address the risk.
- Owners are risk champions who are responsible for mitigation strategy.
- Target closing date is a date defined by Internal Audit team and management group for closure of risk mitigation.
You can add more fields and columns in this template. This template helps you in getting started.
Operational risk management is an ongoing process that is integrated into the overall governance and decision-making framework of an organization. It plays a crucial role in safeguarding an organization’s reputation, financial stability, and ability to achieve its strategic objectives.
Download and use Operational Risk Register Excel template
To use this free excel Operational Risk Register template, you should have Microsoft Office/ Microsoft Excel installed in your system.
After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip or WinZIP (Recommended) decompressing software.
Once extracted, you can open the file using Excel and start entering data or customizing the template.
