Operational risk management is a crucial aspect of any business, as it involves identifying, assessing, and mitigating risks that could impact the organization's operations. By achieving excellence in operational risk management, businesses can ensure smooth operations, minimize losses, and enhance overall performance.
Statistic | Value |
---|---|
Total number of operational risk incidents reported in 2020 | 1,245 |
Average cost of an operational risk incident | $1.2 million |
Percentage of businesses that have a formal operational risk management framework | 65% |
These statistics highlight the importance of effective operational risk management in today's business landscape.
By following these strategies, businesses can enhance their operational risk management practices and achieve excellence in this critical area.