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Operational Risk Manager
Why Being an Operational Risk Manager? The Trend of Risk Management
Classification
| Level A: | Certified Senior Operational Risk Consultant is qualified to approve the manager certification in operational risk management in accordance with ICMA Directive. |
| Level B: | Certified Operational Risk Consultant is qualified to lecture and examine in operational risk management in accordance with ICMA Directive. |
| Level C: | Certified Senior Operational Risk Manager should have the ability to analyze and manage complex operational risk programs. |
| Level D: | Certified Operational Risk Manager should have the ability to apply Operational Risk management knowledge when working in an operational risk project and able to manage operational risk with limited complexity. |
Qualification
| Level A: | Certified Senior Operational Risk Consultant should pass the examination and have the experience to guide complex Operational Risk management programs. Minimum three years of experience of Certified Operational Risk Consultant is required. |
| Level B: | Certified Operational Risk Consultant should pass the examination and have the experience to lecture in operational risk management or guide a operational risk management department in organisation. |
| Level C: | Certified Senior Operational Risk Manager should have attended the advanced course at least 30 hours, pass the examination and have the ability to facilitate the advanced tools. Minimum qualification of Certified Operational Risk Manager is required. |
| Level D: | Certified Operational Risk Manager should have attended the basis course at least 18 hours, pass the examination and have the ability to facilitate the basic tools. |
Renew policy
Level A and Level B certifications should renew after five years. Level C and Level D certifications should renew after three years. Contact the National Association in your country and complete the appropriate application. If there is no National Association in your country, contact the ICMA secretariat info@icma.org.uk and supply detailed address information so an invoice can be issued.
An Approach to Operational Risk Manager
The advantages of Operational Risk Manager certification are obvious: training in the proper assessment of risk is one that will optimize its opportunities for success with minimal loss. What makes ORM such an invaluable decision-making tool is that it enhances the operation at all levels while minimizing risks - - all dimensions of risk. ORM adds “rigor” to the traditional way we have done business. Properly applied, ORM directly contributes to preserving capability by reducing risks consistent with other cost, schedule, and operation requirements.
Once ORM becomes an integral part of our day-to-day business, the investment will more than pay for itself. As you assess your integration and sustainment strategy for ORM, one of the key concepts to keep in mind is that it should not become an administrative burden. To be fully effective, ORM must have your support and be totally integrated into operations and planning at all levels. Operational Risk Manager certification system includes Concept, Principles, Steps and Tools components. Since ICMA Operational Risk management is based on a learning model, it integrates smoothly as well as complements and strengthens your existing prevention strategies.
ORM Tools
Operational Risk Management system is committed to delivering effective and high quality programs in a theoretical and practicall manner. The Operational Risk management contents a wide range of tools:
- The Operations Analysis
- The Preliminary Hazard Analysis
- The“What If”Tool
- The Scenario Process Tool
- The Logic Diagram
- The Change Analysis
- The Cause and Effect Tool
- The Risk Assessment Matrix
- The “Enhanced” Risk Assessment Matrix
- Major Options List
- Control Options Matrix
- Intuitive Decision
- Cost Benefit Assessment
- Decision Matrix
- Implementation Model
- The Hazard and Operability Tool
- The Mapping Tool
- The Interface Analysis
- The Mission Protection Tool
- The Safety Quiz
- The Mission Mishap Analysis
- Risk Assessment Scale
- The Interview Tool
- The Inspection Tool
- The mishap/incident investigation
- The job safety analysis
- The Behavior Observation Tool
- The Training Realism Assessment, TRA
- The Opportunity Assessment
- The Energy Trace and Barrier Analysis, ETBA
- The Fault Tree Analysis, FTA
- The Failure Mode and Effect Analysis, FMEA
- The Multilinear Events Sequencing Tool, MES
- The Management Oversight And Risk Tree, MORT
ORM Steps
Step 1 - Identify the Hazards |
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| Process: | Emphasize hazard ID tools. Adds rigor and early detection. |
| Output: | Significant improvement in the detection of hazards (50%+) . |
Step 2 - Assess the Risks |
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| Process: | All hazards evaluated for mission or activity impact. Root causes determined and risk levels assigned. |
| Output: | Personnel know the priority risk issues of the organization and of their function. |
Step 3 - Analyze Risk Control Measures |
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| Process: | Comprehensive risk control options developed on a worst-first basis. |
| Output: | A full range of cost effective, mission supportive, risk controls for the decision-maker. |
Step 4 - Make Control Decisions |
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| Process: | Gets risk decisions to the right person, at the right time, with the right support. |
| Output: | Personnel know their decision-making authority and limitations. |
Step 5 - Implement Risk Controls |
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| Process: | Leaders lead, operators involved, accountability known. |
| Output: | Controls approved by decision-maker are implemented. |
Step 6 - Supervise and Review |
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| Process: | Measures mission effectiveness and direct indicators of risk. |
| Output: | Real time status. Proactive, not reactive. |