Operational Risk is defined broadly and as a causal risk - the risk of loss due to failures in people, processes, systems or external events. It underlies many other risks, in particular regulatory and reputation risks, which are fundamental to the business model for financial institutions. It has also become a very costly risk for firms which have not managed it well. It is also a discipline which continues to develop rapidly in sophistication and relevance to business decision making.
Certified Operational Risk Professional is designed to deliver a deep, practical understanding of operational risk management frameworks and measurement methodologies in financial institutions. Successful candidates will be better prepared to implement meaningful risk assessment initiatives, produce useful risk management information and understand basic modeling techniques for operational risk measurement.
The CORP is relevant to all risk-related roles in financial services, in particular, Operational Risk Staff, Financial Controllers, Operations and Technology Managers, and Compliance and Legal Officers. A grounding in operational risk management techniques is also becoming increasingly important for front line staff both from a process and conduct perspective in their dealings with clients and market counterparts.