Alex Sidorenko from RISK-ACADEMY shares his views on what does ERM means to him and how the term has been way overused :))
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What should be the basis for classifying the impact ranges if you don’t have operational risk impact database when starting the exercise in a new company?? Can we get some help from external auditor’s materiality level? Highly appreciate if you could guide me on that.
First, for good risk management, you don’t need impact ranges most of the time, you need to understand volatility of assumptions. Big difference. Second you don’t need an operational risk impact database
My query was with respect to RM1 to satisfy auditors. So what should be the basis of impact ranges to satisfy auditors while working separately on RM2 in a new organization?
That’s easy. Anything. Auditors wouldn’t understand or care as long as it’s relatively sensible. Could be group of experts or any external verifiable source or a little internal stats which always exist if you look hard enough
Thanks a lot for your prompt responses. Highly appreciate it.