Let's do a design workshop to discover what a Risk Manager does. (You may ask why a Risk manager and not an Operational Risk Manager. The specifics of the problems are different but the essence of what all Risk Managers do, whether they manage Credit, Market, Liquidity, Reputational, or Strategic Risks, is the same
Rapidly generate as many ideas as possible about what an operational risk manager does. Use your past knowledge, experience, and the internet as resources. Use the Agile problem-solving approach if you don't know where to start.
these ideas will be shared and overlaps will be consolidated. At this stage, we should end up with a list of unique tasks.
Next, we will organize these ideas into a MECE Structure.
This MECE structure of what an operational risk manager does will be the Risk Management Framework and will be used throughout the course to solve operational risk issues. As already noted, the same framework would also be used to manage Credit, Market, Liquidity, Reputational, or Strategic Risks.
After several iterations, you will end up with an RMF something like
Exposure
Controls
Resilience
Governance
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