EPMOWORXTM offers a capability for organizations to record, monitor and analyse the trends for
The Basel II Committee defines operational risk as:
“The risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events. This definition includes legal risk, but excludes strategic and reputational risk.”
The Basel Committee recognizes that operational risk is a term that has a variety of meanings and
therefore, for internal purposes, banks are permitted to adopt their own definitions of operational risk,
provided that the minimum elements in the Committee's definition are included.
International Convergence of Capital Measurement and Capital
Standards. https://www.bis.org/publ/bcbs128.pdf: Bank for
International Settlements. p. 144. ISBN 92-9197-720-9.
Risks are recorded in EPMOWORXTM to include:
The relationship to the Governance Initiative (Board Directive to a milestone of a Project)
The risk can be assigned a category and sub-category, e.g., “Operational Risk”, “Resource Policy”
Risk stakeholders and associated roles are assigned to initiate, own, assess, resolve and close the RISK. Target dates are set for each stakeholder role.
The Risk Assessment includes descriptive and measurable values for probability, severity and Impact.
Each Risk maintains a risk log including the display of a dynamic chart depicting time / Impact
Documents and files can be registered by type, owner and date/timestamp against the risk
Risks can be closed or converted to an Issue. Closed risks can be recalled to view. Converted risks to issues will inherit the risk document register.