Operational Risk Course

IIRSM Date Range Logos Updated

Our Operational Risk Course will help your employees understand companies' common operational risks, including legal and compliance risk, third-party risk and cyber risk.

It shows learners how operational risk can be conceptualised in terms of cause, consequences and risk events.

The course also covers tools and techniques to identify and analyse risk, as well as the various ways risks can be managed by implementing risk controls.

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Operational Risk

About this Course

Available as part of our Risk Management Library.

Learning objectives

This course will prepare your employees to:

  • Understand and identify the common operational risks that we face as a Company
  • Implement appropriate controls to ensure effective risk management
  • Identify the benefits and drawbacks of modelling risk
  • Take appropriate action to manage operational risks in their day-to-day role

Latest course updates

  • Course redesigned with a more modern feel
  • Text & image updates throughout the course
  • 3 new news stories to illustrate examples of operational risk events
  • 2 updated scenarios
  • Updated post-course assessments with 9 new questions

Course Contents


- Learning objectives
- How to complete this course

What is operational risk?

- In the news
- You decide: What type of operational risk is it?

Identifying operational risks

- You decide: Is it an operational risk or not?
- You decide: Whose approach to operational risk?

Understanding cause & effect

Collecting data on operational risks

- Assessing operational risk
- Probability (likelihood)
- Impact (severity)
- You decide: What are the chances of that?
- You decide: What impact would that have on us?
- Calculating the overall score

Methods of measuring operational risk

- Risk maps

Operational risk controls

- The 4Ts Model
- You decide: Controlling operational risks

Monitoring & reporting

- Risk reporting
- Stress testing & scenario analysis
- What are the benefits of scenario analysis?
- Our risk governance framework

The 3LoD model

Best practice for managing operational risk

Scenarios: A done deal

- Scenario 1: Assessing the risks
- Scenario 2: Controlling the risks
- Scenario 3: Better governance

Scenarios: The data breach

- Scenario 1: Assessing the risks
- Scenario 2: Controlling the risks
- Scenario 3: Better governance




Course Specifications



Approximately 50-minute long e-learning course followed by a 10-question assessment.



Suitable for all staff. Examples and interactive activities are designed for staff at all levels. No previous knowledge or experience is required.



SHARD-compliant, responsive display on all devices, accessibility on screen readers, visual design controlled via a client style sheet.



All Windows, Mac OSX, iOS, Android (Flash-free for mobile compatibility). AICC and SCORM 1.2-compliant, suitable for both hosted and deployed SCORM or AICC.



Fully customisable on Skillcast Portal CMS.



Pre-translated versions not available, but all text content can be exported for translation into all languages.



Based on best-practice risk management frameworks and suitable for global audiences.

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