ORM Frameworks for Financial Institutions under Basel III, CRR III and DORA

Operational Risk Management

We design and implement tailored ORM frameworks for your institution – from risk identification through RCSA and scenario analysis to regulatory-compliant loss data collection and KRI monitoring.

  • 01Regulatory compliance: Basel III/CRR III, MaRisk BT 5, DORA
  • 02Reduction of operational losses through systematic RCSA
  • 03Capital requirements optimisation under the new SMA
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11+Years of experience
120+Employees
540+Projects
ISO 27001certified

End-to-End Operational Risk Management for Your Institution

We support you in building a robust ORM framework: from Risk Control Self-Assessments (RCSA) and loss data collection through scenario analysis and Key Risk Indicators to the integration of AI and Predictive Analytics – fully aligned with Basel III/CRR III, MaRisk and DORA.

Our consulting services in Operational Risk Management include systematic identification and assessment of operational risks, development of customized ORM frameworks, and implementation of effective control and monitoring systems. We support you in adapting to regulatory requirements such as Basel III, Solvency II, and DORA, and in integrating advanced technologies such as AI and Predictive Analytics into your risk management.

6 service modules

What we take on for you

Bookable individually or as an end-to-end programme.

01

ORM Framework Development & Implementation

Design and introduction of customized Operational Risk Management Frameworks (ORMF) according to best practices and regulatory requirements.

  • Analysis of existing processes and structures
  • Definition of governance, roles, and responsibilities (Three Lines of Defense)
  • Development of risk appetite statements and strategies
  • Implementation support and change management
02

Regulatory Compliance in ORM

Ensuring compliance of your ORM with relevant regulations such as Basel III/IV, Solvency II, MaRisk, and DORA.

  • Gap analyses to regulatory requirements
  • Adaptation of processes and documentation
  • Support in capital calculation
  • Preparation for DORA requirements (ICT risk management, reporting)
03

Risk Identification & Assessment

Systematic recording and assessment of operational risks through established methods to strengthen your risk transparency.

  • Conducting Risk & Control Self-Assessments (RCSA)
  • Development and monitoring of Key Risk Indicators (KRIs)
  • Building and maintaining Loss Data Collection (LDC)
  • Conducting scenario analyses for extreme events
04

Internal Control System (ICS) & Risk Mitigation

Design, implementation, and optimization of internal control systems for effective mitigation of identified operational risks.

  • Assessment of control effectiveness
  • Development of preventive, detective, and corrective control measures
  • Integration of controls into business processes
  • Testing and monitoring of control effectiveness
05

Technology & AI in Operational Risk Management

Use of modern technologies to increase efficiency and improve the predictive capability of your ORM.

  • Consulting on selection and implementation of GRC tools
  • Integration of AI and Predictive Analytics for risk early detection
  • Automation of risk processes and controls (RPA)
  • Development of risk dashboards and real-time monitoring
06

Risk Culture & Governance

Promotion of a proactive risk culture and establishment of clear governance structures for sustainable anchoring of ORM in the organization.

  • Development and communication of risk principles ("Tone from the Top")
  • Training and awareness measures for employees
  • Integration of risk responsibility into target agreements
  • Building effective risk committee structures

3 phases

Our Approach

We accompany you with a structured approach in developing and implementing your Operational Risk Management.

  1. Analysis of existing risk situation and processes

  2. Development of customized ORM frameworks and methodologies

  3. Implementation, training, and continuous improvement

Your contact

Melanie Düring

Head of Risk Management

+49 69 913 113-01 info@advisori.de
Effective Operational Risk Management is crucial for risk resilience and long-term success of an organization in an increasingly complex regulatory and business environment.

Our Strengths

  • 01Deep expertise in regulatory requirements (Basel III, Solvency II, DORA)
  • 02Experience with advanced risk management methods and AI-supported solutions
  • 03Proven implementation strategies with demonstrable success

Did you know?

Under CRR III, the Standardised Measurement Approach (SMA) replaces all previous OpRisk measurement approaches from 2025. Institutions must derive their Business Indicator from P&L positions and disclose a 10-year loss history. ADVISORI guides you through the full SMA transition – from data migration to supervisory reporting.

20 QUESTIONS, BRIEFLY ANSWERED

Frequently asked questions about Operational Risk

What is Operational Risk and how does it differ from other risk types?

According to Basel II, Operational Risk encompasses "the risk of losses resulting from inadequate or failed internal processes, people, systems, or from external events." Unlike other risk types, Operational Risk relates to operational vulnerabilities that can directly threaten business continuity.

🔍 Differentiation from other risk types:

• Market Risk: Losses from market price changes (stocks, interest rates, currencies)
• Credit Risk: Losses from borrower defaults
• Liquidity Risk: Insolvency due to lack of liquidity
• Operational Risk: Losses from internal processes, people, systems, or external events

📊 Typical event categories:

• IT failures and system breakdowns
• Process errors and manual mistakes
• Internal and external fraud
• Compliance violations and regulatory risks
• Cyber attacks and data breaches

⚙ ️ Special characteristics:

• Difficult quantification: Often qualitative nature of risks
• Diverse causes: Complex interactions between factors
• High relevance for all business areas

What components does an effective Operational Risk Management Framework include?

A solid Operational Risk Management Framework (ORMF) integrates several key components for a comprehensive approach to managing operational risks:

🏗 ️ Basic structure:

• Governance and organization:
• Three-Lines-of-Defense model with clear separation of duties
• Operational Risk Committee with representatives from relevant areas
• Chief Risk Officer (CRO) with direct reporting line
• Risk appetite and strategy:
• Quantitative limits for operational losses
• Qualitative statements on acceptable risk levels
• Link to corporate strategy

🔄 Core processes:

• Risk identification: Process analyses, loss data collection, scenario analyses
• Risk assessment: RCSA, KRIs, quantitative models
• Risk mitigation: Preventive, detective, and corrective controls
• Monitoring and reporting: KRI dashboards, regular reports

💻 Technological support:

• GRC platforms for integrated risk management
• Automated data collection and analysis
• AI-supported early detection of risk situations

What regulatory requirements exist for Operational Risk Management?

Regulatory requirements for Operational Risk Management have increased significantly in recent years:

🏦 Basel framework for banks:

• Basel III/IV: Capital requirements for operational risks
• New Standardised Approach (NSA): Replaces previous approaches
• Business Indicator Component (BIC): Calculation based on income/expense components
• Internal Loss Multiplier (ILM): Consideration of historical loss data
• MaRisk: German implementation of Basel requirements
• AT 4.3.2 and BTR 4: Specific requirements for operational risks

🏢 Solvency II for insurance:

• Pillar 1: Quantitative capital requirements
• Pillar 2: Qualitative requirements (ORSA, governance)
• Pillar 3: Disclosure requirements (SFCR, RSR)

🌐 Digital Operational Resilience Act (DORA):

• EU regulation for cyber resilience in financial sector (from 2025)
• ICT risk management, incident reporting, resilience testing

📋 Cross-industry standards:

• ISO 31000: International standard for risk management
• COSO ERM Framework: Integrated framework

What is the Three-Lines-of-Defense model in Operational Risk Management?

The Three-Lines-of-Defense model defines clear responsibilities and controls at three levels:

🛡 ️ First Line of Defense: Operational business units

• Responsibilities:
• Primary responsibility for risk identification and management
• Implementation of controls in daily operations
• Compliance with policies and reporting of risk situations
• Implementation:
• Embedded risk controls in business processes
• Risk & Control Self-Assessments (RCSA)
• Operational Risk Managers in functional departments

🛡 ️ Second Line of Defense: Risk management and compliance

• Responsibilities:
• Development of frameworks and policies
• Monitoring of risk situation
• Reporting to management
• Implementation:
• Central ORM unit for methodology development
• Risk aggregation and independent control testing
• System support through GRC platforms

🛡 ️ Third Line of Defense: Internal audit

• Responsibilities:
• Independent review of risk management
• Identification of improvement opportunities
• Reporting to supervisory bodies
• Implementation:
• Risk-based audit planning
• Process mining and system audits
• Follow-up processes for audit findings

What is Risk Control Self-Assessment (RCSA) and how is it implemented?

Risk Control Self-Assessment (RCSA) is a central methodology in Operational Risk Management where functional departments systematically assess their own risks and controls:

📋 Definition and purpose:

• Decentralized approach: Employees assess risks in their own processes
• Combination of bottom-up and top-down: Connection of operational knowledge with strategic goals
• Objectives: Risk identification, control assessment, measure development, risk awareness

🔄 RCSA process:

• Preparation: Definition of assessment scope, methodology, training
• Execution: Workshops with process owners, risk and control assessment
• Follow-up: Documentation, action plans, aggregation, reporting

🛠 ️ Implementation steps:

• Pilot phase: Selection of representative processes, methodology testing
• Full implementation: Rollout, integration, linkage with other tools
• Continuous improvement: Regular review, benchmarking

📊 Success factors:

• Clear methodology: Unambiguous definitions and processes
• Management commitment: Visible support
• Adequate resources and consistent follow-up

How are Key Risk Indicators (KRIs) developed and deployed?

Key Risk Indicators (KRIs) are early warning indicators that signal potential risks before they lead to losses:

🎯 Definition and purpose:

• Metrics for early detection: Measure risk drivers, not just occurred losses
• Proactive risk management: Enable early action
• Objectives: Continuous monitoring, objective decision basis

🔍 Characteristics of effective KRIs:

• Relevance: Direct connection to identified risks
• Measurability: Quantifiable and objectively measurable
• Predictive power: Indication of future risks
• Action-oriented: Enable concrete measures

🔄 Development process:

• Risk-based selection: Identification of key risks and drivers
• Indicator definition: Metrics, data sources, calculation methodology
• Threshold definition: Tolerance limits (green, yellow, red)
• Implementation: Data collection, reporting integration

📊 Categories of KRIs:

• Process-related KRIs: Error rates, throughput times
• IT-based KRIs: System availability, unresolved incidents
• Personnel-related KRIs: Turnover, training quotas
• Compliance-related KRIs: Audit findings, violations

🖥 ️ Monitoring and reporting:

• KRI dashboards with traffic light system and drill-down functionality
• Escalation processes for threshold breaches
• Regular review and adjustment

How do you integrate AI and Predictive Analytics into Operational Risk Management?

The integration of AI and Predictive Analytics opens new possibilities in Operational Risk Management:

🧠 Application areas:

• Risk identification:
• NLP for analysis of contracts and regulatory texts
• Automated detection of risk factors in process data
• Risk assessment:
• Predictive Analytics for forecasting potential loss events
• Machine Learning for quantifying probability of occurrence
• Risk mitigation:
• Automated controls and monitoring systems
• Intelligent process automation for error reduction
• Monitoring:
• Real-time monitoring of KRIs
• Automated anomaly detection

🔍 Specific technologies:

• Machine Learning for anomaly detection: Fraud attempts, unusual transactions
• Natural Language Processing: Analysis of contracts, regulatory changes
• Predictive Analytics: Prediction of IT system failures, process errors

🛠 ️ Implementation steps:

• Needs analysis: Identification of largest risk areas
• Data management: Identification of relevant sources, data preparation
• Model development: Selection of suitable algorithms, training, validation
• Integration: Integration into workflows and decision processes

⚠ ️ Challenges:

• Data quality: Incomplete or biased data
• Explainability: "Black box" character of complex models
• Regulatory compliance: Requirements for model validation

What is the New Standardised Approach (NSA) under Basel III/IV?

The New Standardised Approach (NSA) is the new standard method for calculating capital requirements for operational risks under Basel III/IV:

📊 Basic principles:

• Standardization: Replacement of three previous approaches (BIA, TSA, AMA)
• Risk sensitivity: Consideration of size, business model, and loss history
• Comparability: Improved comparability between institutions

🧮 Calculation methodology:

• Business Indicator Component (BIC):
• Based on Business Indicator (BI) for business activity
• Three components: ILDC (interest), SC (fees), FC (trading)
• Tiering in three buckets with progressive multipliers
• Internal Loss Multiplier (ILM):
• Considers historical loss data of the institution
• Values > 1 increase capital requirement, values < 1 reduce it
• Operational Risk Capital (ORC): ORC = BIC × ILM

📋 Requirements for loss data collection:

• 10 years of historical loss data
• Recording of all losses above 20,000 EUR
• Comprehensive data quality requirements

🔄 Implementation steps:

• Gap analysis: Assessment of current methodology and data basis
• Data management: Building or adapting loss data collection
• Methodology development: Implementation of NSA calculation logic
• Governance: Adaptation of policies and processes

How do you implement effective Business Continuity Management?

Business Continuity Management (BCM) is an integral part of Operational Risk Management:

🎯 Objectives and benefits:

• Business continuity: Maintaining critical processes during disruptions
• Resilience: Strengthening resistance
• Compliance: Meeting regulatory requirements
• Reputation protection: Avoiding reputational damage

🔄 BCM lifecycle:

• Business Impact Analysis (BIA):
• Identification of critical business processes
• Determination of Recovery Time/Point Objectives (RTO/RPO)
• Analysis of dependencies and impacts
• Risk analysis: Identification of threats and vulnerabilities
• Strategy development: Recovery strategies, resource planning
• Plan creation:
• Business Continuity Plan (BCP): Maintaining critical processes
• Disaster Recovery Plan (DRP): Recovery of IT systems
• Crisis management plan: Organizational measures
• Implementation: Resource provision, training, integration
• Tests and exercises: Regular tests of various types
• Continuous improvement: Regular review and adaptation

🏗 ️ Organizational embedding:

• BCM governance: Policy, BCM officer, management involvement
• Integration into ORM: Link with risk assessments
• Crisis management organization: Crisis team, escalation paths

💻 Technological support:

• BCM software: Central management of plans and documents
• Disaster recovery solutions: Backup, high availability, cloud
• Communication solutions: Crisis communication, redundant channels

How do you deal with cyber risks in Operational Risk Management?

Cyber risks require a specialized approach within the ORM framework due to their complexity and dynamics:

🔍 Special characteristics of cyber risks:

• High dynamics: Constantly new threats and attack vectors
• Technical complexity: Requires specialized expertise
• Potential cascade effects: Spillover to other risk areas
• High damage potential: Potentially existential threat

🏗 ️ Integration into ORM framework:

• Governance: Clear responsibilities, Cyber Security Committee
• Risk taxonomy: Integration into operational risk taxonomy
• Risk appetite: Specific statements for cyber risks

🔄 Cyber risk management process:

• Identification:
• Threat intelligence: Monitoring current threats
• Vulnerability assessments: Regular vulnerability analyses
• Penetration tests: Simulation of attacks
• Assessment:
• Cyber risk assessments: Structured risk assessment
• Scenario analyses: Assessment of potential attacks
• Management:
• Technical controls: Firewalls, IDS/IPS, endpoint protection
• Organizational controls: Policies, training
• Incident response: Preparation for security incidents
• Monitoring:
• Security Information and Event Management (SIEM)
• Cyber-specific KRIs: Vulnerabilities, phishing success rate

🛡 ️ Specific measures under DORA:

• ICT Risk Management Framework: Comprehensive framework for IT risks
• Digital Operational Resilience Testing: Regular tests
• Third-Party Risk Management: Management of IT service provider risks
• Incident Reporting: Reporting obligations for security incidents

How do you develop an effective risk culture in Operational Risk Management?

A strong risk culture is the foundation of successful Operational Risk Management:

🌱 Definition and significance:

• Shared values and behaviors for dealing with risks
• "Tone from the Top": Leadership role model function
• "Tone from the Middle": Implementation by middle management
• "Tone at the Bottom": Anchoring with all employees
• Impact: Early risk detection, open communication, responsible handling

🏗 ️ Core elements:

• Leadership and role model function:
• Visible commitment from executive management
• Consistent action in line with risk principles
• Regular communication on importance of risk management
• Accountability and ownership:
• Clear assignment of risk ownership
• Personal responsibility for risks in own area
• Integration into target agreements and performance evaluations
• Open communication:
• Promotion of "speak-up" culture
• Constructive handling of errors and incidents
• Regular exchange on risk topics

🔄 Development and implementation:

• Current state analysis: Employee surveys, incident analysis
• Definition of target risk culture: Risk principles, measurable goals
• Implementation measures: Training, HR integration, incentive systems
• Monitoring: Regular measurement, feedback mechanisms

📊 Measuring risk culture:

• Quantitative indicators: Incident reporting rate, training participation
• Qualitative indicators: Employee surveys, interviews
• Behavioral observations: Reactions to risk situations

What role does Loss Data Collection play in Operational Risk Management?

Loss Data Collection (LDC) is a central element in Operational Risk Management:

📊 Definition and purpose:

• Systematic recording of losses from operational risks
• Basis for quantitative risk models and capital calculation
• Foundation for trend analyses and identification of weaknesses
• Regulatory requirement (Basel III/IV, Solvency II)

🔄 Core elements of an LDC process:

• Loss definition and thresholds:
• Clear definition of operational losses
• Thresholds for recording (e.g., 10,000 EUR)
• Categorization by Basel event types
• Data collection:
• Reporting process for loss events
• Recording of gross and net losses
• Documentation of causes and measures
• Data quality management:
• Completeness checks
• Plausibility checks
• Reconciliation with financial accounting
• Analysis and reporting:
• Trend analyses and pattern recognition
• Regular reports to management
• Input for RCSA and scenario analyses

🛠 ️ Implementation steps:

• Building a loss database
• Development of reporting processes and forms
• Training employees in loss recognition
• Integration into overall risk management

📈 Use of loss data:

• Capital calculation under NSA (Internal Loss Multiplier)
• Identification of weaknesses in processes
• Prioritization of risk mitigation measures
• Validation of risk assessments from RCSA

How do you conduct effective scenario analyses in Operational Risk Management?

Scenario analyses are an important tool for assessing rare but severe operational risks:

🎯 Definition and purpose:

• Structured assessment of potential extreme events
• Complement to historical loss data (forward-looking)
• Identification of "tail risks" (rare but severe events)
• Input for capital models and stress tests

🔄 Scenario analysis process:

• Scenario identification:
• Selection of relevant risk events
• Consideration of internal and external factors
• Focus on plausible but severe events
• Workshop execution:
• Involvement of subject matter experts and risk managers
• Structured discussion of scenarios
• Assessment of probability of occurrence and loss amount
• Documentation and validation:
• Detailed documentation of assumptions
• Plausibility check of results
• Comparison with historical data and external benchmarks
• Integration into risk management:
• Input for capital models
• Derivation of risk mitigation measures
• Regular review and update

📊 Typical scenario categories:

• Cyber attacks and data breaches
• Severe system failures
• Internal and external fraud
• Process failures in critical functions
• Compliance violations with regulatory sanctions

🛠 ️ Methodological approaches:

• Structured workshops with experts
• Delphi method for independent expert opinions
• Bayesian networks for cause-effect relationships
• Monte Carlo simulations for distribution analyses

How do you integrate Operational Risk Management into corporate governance?

Integration of Operational Risk Management into corporate governance is crucial for its effectiveness:

🔄 Strategic integration:

• Link with corporate strategy:
• Alignment of risk appetite with strategic goals
• Consideration of operational risks in strategic decisions
• Integration into business planning and budgeting
• Governance structures:
• Anchoring at board and supervisory board level
• Operational Risk Committee with decision-making authority
• Clear responsibilities and reporting lines

📊 Operational integration:

• Performance management:
• Integration of risk metrics into balanced scorecards
• Consideration in target agreements and compensation systems
• Risk-adjusted performance measurement (RAPM)
• Process management:
• Integration of risk controls into process definitions
• Process-risk matrices for transparency
• Risk-oriented process optimization
• Project management:
• Systematic risk assessment in project phases
• Go/no-go decisions based on risk assessments
• Risk-oriented resource management

💼 Management reporting:

• Integrated risk reporting:
• Consolidated presentation of all risk types
• Link with financial and operational KPIs
• Focus on top risks and trends
• Decision support:
• Risk information for strategic decisions
• Scenario analyses for alternative assessments
• What-if analyses for business decisions

🛠 ️ Implementation approaches:

• Top-down and bottom-up:
• Strategic guidelines from above
• Operational implementation from below
• Regular alignment and adjustment
• Gradual integration:
• Piloting in selected areas
• Lessons learned and adjustment
• Rollout to other areas

What role do outsourcing and Third-Party Risk Management play in Operational Risk?

Outsourcing and Third-Party Risk Management are critical aspects of Operational Risk Management: Risks related to third parties: Business interruptions due to service provider failure Compliance risks from regulatory violations by third parties Data protection and information security risks Reputational risks from misconduct by service providers Strategic risks from dependencies on key suppliers Framework for Third-Party Risk Management: Due diligence and selection:

• Risk-based assessment of potential service providers
• Review of financial strength, compliance, security standards
• Assessment of business continuity capabilities Contractual safeguards:
• Service Level Agreements (SLAs) with clear KPIs
• Audit and control rights
• Exit strategies and contingency plans
• Liability and indemnification provisions Ongoing monitoring:
• Regular performance reviews
• Monitoring of risk indicators
• Periodic security and compliance assessments
• Escalation processes for problems Governance and reporting:
• Clear responsibilities for service provider management
• Regular reporting to management
• Integration into overall ORM framework Regulatory requirements: Banks (MaRisk.

How do you measure and evaluate the effectiveness of Operational Risk Management?

Measuring and evaluating the effectiveness of Operational Risk Management is crucial for continuous improvement: Quantitative metrics: Loss-related metrics:

• Number and amount of operational losses
• Trend analyses and comparison with previous periods
• Losses in relation to risk appetite
• Cost-benefit ratio of control measures Process-related metrics:
• Number of identified risks and controls
• Coverage rate of risk assessments
• Implementation rate of measures
• Number of open audit findings Regulatory metrics:
• Regulatory capital for operational risks
• Number of regulatory violations and fines
• Compliance with regulatory deadlines Qualitative assessments: Maturity models:
• Assessment based on defined maturity levels
• Comparison with best practices and standards
• Gap analyses to regulatory requirements Internal and external audits:
• Review of adequacy and effectiveness
• Identification of weaknesses
• Benchmarking with peers Self-assessments:
• Regular self-assessments of ORM function
• Feedback from stakeholders
• Lessons learned from incidents Balanced scorecard for ORM: Financial.

What challenges exist in implementing Operational Risk Management?

Implementation of effective Operational Risk Management involves various challenges: Organizational challenges: Overcoming silo thinking:

• Fragmented risk responsibilities
• Lack of collaboration between departments
• Solution: Integrated risk management approach, cross-functional governance Securing management commitment:
• Competition with other priorities
• Short-term focus vs. long-term benefit
• Solution: Business case, link with business objectives Resources and expertise:
• Limited personnel and financial resources
• Shortage of specialized professionals
• Solution: Prioritization, training programs, external support Methodological challenges: Risk quantification:
• Difficult assessment of probabilities of occurrence
• Challenges in loss estimation
• Solution: Combination of qualitative and quantitative methods Complexity and interdependencies:
• Multitude of risk factors and drivers
• Complex interactions between risks
• Solution: Scenario analyses, network analyses Future orientation:
• Focus on historical data vs. new risks
• Early detection of emerging risks
• Solution: Forward-looking approaches, trend analyses Technological challenges: Data quality and availability:
• Incomplete or inconsistent data
• Distributed.

How does Operational Risk Management differ across industries?

Operational Risk Management varies by industry in focus, methodology, and regulatory requirements: Financial services sector: Focus:

• Process and system risks
• Fraud and compliance risks
• Cyber and information security risks Regulatory framework:
• Comprehensive requirements (Basel III/IV, MaRisk, Solvency II)
• Explicit capital requirements
• Strict governance requirements Special features:
• Highly developed quantitative methods
• Extensive loss data collections
• Strong focus on model risks Manufacturing and industrial sector: Focus:
• Production and supply chain risks
• Occupational safety and environmental risks
• Quality and product liability risks Regulatory framework:
• Industry-specific safety standards
• Environmental and occupational safety regulations
• Product safety regulations Special features:
• Integration with quality management
• Focus on preventive controls
• Use of lean management principles Healthcare: Focus:
• Patient safety risks
• Data protection and compliance risks
• Medical device and pharmaceutical risks Regulatory framework:
• Strict patient protection regulations
• Specific data protection requirements.

What role does Operational Risk Management play in digital transformation?

Operational Risk Management plays a crucial role in digital transformation: Dual role of ORM: Risk management for transformation:

• Identification and assessment of transformation-related risks
• Safeguarding transformation projects
• Addressing change management risks Transformation of risk management:
• Adaptation to new digital business models
• Use of digital technologies in risk management
• More agile and data-driven approaches New risks from digital transformation: Technology risks:
• Cloud migration and multi-cloud environments
• API ecosystems and interface risks
• Legacy system integration and technical debt Data and algorithm risks:
• Data quality and governance
• Algorithmic bias and model risks
• AI-specific risks (explainability, solidness) Business model risks:
• Effective business models and rapid market changes
• New competitors and changed customer expectations
• Accelerated product lifecycles Adaptation of ORM approach: Agile risk management:
• Iterative risk assessments
• Faster decision processes
• Integration into agile development methods Data-driven risk management:
• Use of big.

How will Operational Risk Management evolve in the future?

Operational Risk Management will evolve through various trends in the coming years:

🔮 Technological developments:

• Artificial Intelligence and Machine Learning:
• Automated risk detection in real-time
• Predictive risk analytics for early warning
• Intelligent automation of controls
• Advanced data analysis:
• Integration of structured and unstructured data
• Natural Language Processing for regulatory analysis
• Graph databases for risk interdependencies

📋 Regulatory developments:

• Increased requirements for digital resilience:
• DORA and similar regulations worldwide
• Focus on IT and cyber risks
• Requirements for third-party risk management
• Convergence of risk and compliance:
• Integrated frameworks for GRC (Governance, Risk, Compliance)
• Harmonization of regulatory requirements

🔄 Methodological developments:

• Integrated risk approaches:
• Overcoming risk silos
• Comprehensive view of risk interdependencies
• Integration of financial and non-financial risks
• Dynamic risk management:
• Continuous instead of periodic risk assessment
• Adaptive risk models and scenarios
• Real-time adjustment of controls

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