The term Operational Risk Management (ORM) is defined as a continual cyclic process which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events.
Read more about Operational Risk Management: Four Principles of ORM, Three Levels of ORM, Benefits of ORM, Chief Operational Risk Officer, ORM Software
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