Operational Risk Management Form

Operational Risk Management Form Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need an Operational Risk Management Form for a mid-sized Islamic bank in Riyadh, with particular focus on technology and cybersecurity risks, ensuring compliance with both SAMA regulations and Shariah principles."

Document background

The Operational Risk Management Form is a critical document used by organizations operating in Saudi Arabia to systematically identify, assess, and manage operational risks in compliance with local regulatory requirements. It has been developed to address the specific needs of the Saudi Arabian business environment, incorporating requirements from SAMA, the CMA, and other relevant regulatory bodies. The form is particularly important given the increasing focus on risk management in the Kingdom's Vision 2030 economic transformation plan. It includes comprehensive sections for risk identification, assessment, control measures, and monitoring, while ensuring alignment with both international best practices and local regulatory frameworks. The document is designed to be adaptable across various sectors while maintaining consistency with Saudi Arabian legal and regulatory requirements, including Shariah principles where applicable.

Suggested Sections

1. General Information: Basic details including department, process owner, date of assessment, and document version control

2. Risk Assessment Overview: Summary of the risk assessment process and methodology used

3. Risk Identification: Detailed section for identifying and categorizing operational risks across different business areas

4. Risk Analysis: Assessment of identified risks including probability, impact, and current control effectiveness

5. Risk Evaluation: Risk scoring and prioritization based on the organization's risk appetite and tolerance levels

6. Control Measures: Existing and proposed control measures for identified risks

7. Action Plan: Specific actions required to address identified risks, including timelines and responsibilities

8. Monitoring and Review: Procedures for ongoing monitoring of risks and review of control effectiveness

9. Approval and Sign-off: Required authorizations and approvals from relevant stakeholders

Optional Sections

1. Shariah Compliance Assessment: Additional section for assessing compliance with Islamic banking principles, required for Islamic financial institutions

2. Business Continuity Considerations: Optional section for linking operational risks to business continuity planning, recommended for critical processes

3. Cost-Benefit Analysis: Optional section for analyzing the financial implications of risk mitigation measures

4. Training Requirements: Section detailing specific training needs related to risk management, optional but recommended for high-risk areas

5. Vendor Risk Assessment: Additional section for assessing operational risks related to third-party vendors and service providers

6. Technology Risk Assessment: Detailed assessment of technology-related operational risks, recommended for technology-dependent processes

Suggested Schedules

1. Risk Register Template: Standardized template for documenting and tracking identified risks

2. Risk Assessment Matrix: Matrix showing risk evaluation criteria and scoring methodology

3. Control Testing Schedule: Schedule for testing and reviewing control effectiveness

4. Key Risk Indicators (KRIs): List of KRIs and their thresholds for monitoring operational risks

5. Incident Reporting Forms: Templates for reporting operational risk incidents

6. Risk Treatment Plan Template: Detailed template for documenting risk mitigation actions and tracking their implementation

7. Regulatory Compliance Checklist: Checklist ensuring alignment with SAMA and CMA requirements

8. Roles and Responsibilities Matrix: RACI matrix defining roles in the risk management process

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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 Services

Islamic Financial Services

Healthcare

Manufacturing

Telecommunications

Energy and Utilities

Transportation and Logistics

Real Estate and Construction

Government and Public Sector

Education

Relevant Teams

Risk Management

Internal Audit

Compliance

Operations

Quality Assurance

Process Excellence

Internal Control

Business Continuity

Corporate Governance

Legal and Regulatory Affairs

Relevant Roles

Chief Risk Officer

Risk Manager

Compliance Officer

Internal Auditor

Operations Manager

Process Owner

Department Head

Risk Analyst

Control Officer

Business Continuity Manager

Quality Assurance Manager

Governance Specialist

Senior Risk Consultant

Risk Assessment Coordinator

Operational Excellence Manager

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