Operational Risk Management Form Template for United States

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Key Requirements PROMPT example:

Operational Risk Management Form

"I need an Operational Risk Management Form for our new fintech startup that focuses on cryptocurrency trading, with particular emphasis on cybersecurity risks and regulatory compliance with SEC guidelines, to be implemented by March 2025."

Document background

The Operational Risk Management Form serves as a critical tool for organizations operating in the United States to systematically evaluate and document operational risks. This document type is essential for maintaining compliance with federal and state regulations while providing a structured approach to risk assessment and mitigation. The form includes detailed risk identification, analysis of control measures, and action planning, making it particularly valuable for organizations seeking to enhance their risk management practices and demonstrate regulatory compliance. The document is designed to align with various U.S. regulatory requirements and industry standards, providing a comprehensive framework for operational risk management.

Suggested Sections

1. Risk Assessment Information: Basic information including date, assessor, department, and process being assessed

2. Risk Identification: Systematic listing of potential operational risks across different categories

3. Risk Analysis: Evaluation of likelihood and impact of identified risks

4. Current Controls: Documentation of existing control measures

5. Risk Rating: Assessment of residual risk levels after existing controls

6. Action Plan: Detailed mitigation strategies and responsibilities

Optional Sections

1. Business Impact Analysis: Detailed analysis of business impact for critical processes or high-risk operations

2. Compliance Requirements: Industry-specific regulatory requirements for regulated industries

3. Stakeholder Analysis: Impact analysis on various stakeholders for risks affecting multiple parties

Suggested Schedules

1. Risk Assessment Matrix: Standard risk evaluation criteria and scoring system

2. Control Testing Schedule: Timeline for testing effectiveness of controls

3. Incident Response Procedures: Step-by-step procedures for responding to risk events

4. Key Performance Indicators: Metrics for monitoring risk management effectiveness

5. Regulatory Compliance Checklist: Relevant compliance requirements and status

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 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

Financial Services
Healthcare
Manufacturing
Technology
Retail

Relevant Teams

Risk Management
Operations
Compliance
Internal Audit
Legal

Relevant Roles

Chief Risk Officer
Operations Manager
Compliance Manager
Internal Control Specialist
Business Continuity Manager

Industries

Sarbanes-Oxley Act (SOX): Federal legislation that sets requirements for all U.S. public company boards, management, and public accounting firms regarding internal controls and financial reporting

Dodd-Frank Act: Wall Street Reform and Consumer Protection Act that brought significant changes to financial regulation and includes provisions for operational risk management

Federal Reserve SR 21-3: Federal Reserve Board's guidance specifically addressing operational risk management requirements and best practices

COSO Framework: Committee of Sponsoring Organizations framework providing integrated approach to internal control and enterprise risk management

Basel Committee Guidelines: International banking standards that include specific provisions for operational risk management in financial institutions

HIPAA: Healthcare Insurance Portability and Accountability Act governing healthcare data privacy and security requirements

SEC and FINRA Regulations: Securities and Exchange Commission and Financial Industry Regulatory Authority rules governing financial services operations

ISO 31000: International standard providing principles and guidelines for effective risk management practices

ISO 27001: International standard for information security management systems and related operational risks

NIST Cybersecurity Framework: National Institute of Standards and Technology framework for managing cybersecurity-related operational risks

State Data Breach Laws: Various state-specific requirements for data breach notification and response procedures

CCPA: California Consumer Privacy Act establishing data privacy requirements and operational controls for businesses handling California residents' data

OSHA: Occupational Safety and Health Act establishing workplace safety requirements and operational controls

EPA Regulations: Environmental Protection Agency requirements governing environmental risk management and compliance

FFIEC Guidelines: Federal Financial Institutions Examination Council guidelines for business continuity planning and operational resilience

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Authors

Alex Denne

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