ABSTRACT
The objectives of operational risk reporting will differ depending on who the recipient is and what role they have in operational risk management. In order to design and implement an operational risk reporting framework and process, the recipients of reports need to be identified and scoped. Recipients will most commonly include both internal and external parties. Internal: board; senior management; line management; staff; and committees. A future vision for operational risk reporting in business may therefore be the ‘manager’s cockpit’. Operational risk information will be provided across the business as close to real time as possible, in a manner that is very easily understood. The area of operational risk reporting is in rapid development as operational risk management systems, methodologies and related technology develop. Much work has been achieved in putting in place the processes that acquire large quantities of relevant data.
