Operational Risk Management Form

Operational Risk Management Form Template for United Arab Emirates

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Key Requirements PROMPT example:

"I need an Operational Risk Management Form for our UAE-based investment bank that complies with all CBUAE regulations and includes specific sections on cybersecurity risks, as we're planning to launch new digital banking services in March 2025."

Document background

The Operational Risk Management Form serves as a critical tool for organizations operating within the UAE to document and manage their operational risk framework. It is designed to meet the requirements set forth by the UAE Central Bank and federal regulations, while incorporating international risk management standards. This document becomes necessary when organizations need to demonstrate their compliance with UAE regulatory requirements, establish systematic risk management processes, or enhance their existing risk management framework. The form typically includes comprehensive risk assessment matrices, control mechanisms, reporting procedures, and incident management protocols, all tailored to align with UAE regulatory expectations and industry best practices. It is particularly important for organizations subject to UAE Central Bank oversight and those seeking to maintain robust risk management practices in accordance with local regulations.

Suggested Sections

1. Document Control: Information about document version, approval status, and revision history

2. Executive Summary: Overview of the organization's approach to operational risk management

3. Scope and Objectives: Definition of the scope of operational risk management and key objectives

4. Risk Governance Structure: Outline of roles, responsibilities, and reporting lines for operational risk management

5. Risk Identification Process: Methodology for identifying operational risks across the organization

6. Risk Assessment Matrix: Framework for evaluating and rating identified operational risks

7. Control Measures: Description of existing controls and control implementation procedures

8. Monitoring and Reporting: Procedures for ongoing monitoring and regular reporting of operational risks

9. Incident Management: Procedures for recording, managing, and learning from operational risk incidents

10. Review and Update Process: Schedule and methodology for reviewing and updating the risk management framework

Optional Sections

1. Business Continuity Integration: Section linking operational risk management to business continuity planning, recommended for organizations with complex operations

2. Technology Risk Management: Detailed section on IT and cyber risks, essential for organizations with significant technological dependencies

3. Third-Party Risk Management: Section covering risks related to external vendors and partners, necessary for organizations with significant outsourcing

4. Training and Awareness: Details of staff training programs on operational risk, recommended for larger organizations

5. Risk Appetite Statement: Detailed description of organization's risk tolerance levels, recommended for regulated financial institutions

Suggested Schedules

1. Risk Register Template: Standard template for documenting and tracking operational risks

2. Control Assessment Checklist: Detailed checklist for evaluating control effectiveness

3. Incident Report Form: Template for reporting and documenting operational risk incidents

4. Risk Assessment Guidelines: Detailed guidance on risk assessment methodology and scoring

5. Key Risk Indicators (KRIs): List of KRIs and their thresholds for monitoring

6. Roles and Responsibilities Matrix: Detailed RACI matrix for operational risk management activities

7. Reporting Templates: Standard templates for various operational risk reports

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Insurance

Investment Management

Healthcare

Energy and Utilities

Telecommunications

Real Estate and Construction

Manufacturing

Transportation and Logistics

Government and Public Sector

Relevant Teams

Risk Management

Internal Audit

Compliance

Operations

Information Technology

Legal

Finance

Human Resources

Quality Assurance

Business Continuity

Process Excellence

Corporate Governance

Strategy and Planning

Relevant Roles

Chief Risk Officer

Head of Operational Risk

Risk Manager

Compliance Officer

Internal Audit Manager

Business Continuity Manager

Operations Director

Chief Operating Officer

Risk Analyst

Control Manager

Quality Assurance Manager

Process Improvement Specialist

Risk Assessment Coordinator

Regulatory Compliance Manager

Senior Risk Consultant

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