Operational Risk Management
Operational Risk Management refers to the systematic process of identifying, assessing, and mitigating risks associated with business operations. This includes risks related to people, processes, systems, and external events that can impact an organization's ability to deliver products or services efficiently and effectively. The goal of operational risk management is to minimize the likelihood and impact of operational failures, while ensuring compliance with relevant laws, regulations, and industry standards. Quality control plays a crucial role in this process by ensuring that products and services meet established quality standards, thereby reducing the risk of operational errors and defects. Overall, operational risk management is an essential component of business strategy, helping organizations to achieve their objectives in a controlled and sustainable manner.