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Operational Risk Test
Operational risk refers to the possibility that new
strategies and plans will fail during implementation. The most important types of operational risk involve breakdowns in internal controls and corporate governance. Such breakdowns can lead to financial losses through error, fraud, or failure to perform in a timely manner or cause the interests of an organization to be compromised. Other aspects of operational risk include major failures of information technology systems, resource problems or events such as competitor actions or natural disasters.
Operational risk can be defined as the risk of failure and especially monetary losses resulting from inadequate or failed internal processes, people, and systems or from external events.
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