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Definition of Operational Risk and Its Importance in Risk Management

Operational risk is an essential aspect of risk management that is often overlooked. It is defined as the risk of loss resulting from inadequate or failed internal processes, systems, or human errors. This type of risk can arise from a wide range of sources. This includes technology failures, employee misconduct, fraud, and natural disasters. Operational...

Operational Risk Management Best Practices: A Comprehensive Guide

In today’s fast-paced business environment, operational risk management is more important than ever. With increasing regulatory scrutiny, technological advancements, and the growing expectations of customers, businesses need to be proactive in identifying and mitigating operational risks. Large and small Australian companies face many internal and external risks that can hinder productivity, profitability, and growth. Hence,...

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