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Operational Risk Management Form for Canada

Operational Risk Management Form Template for Canada

This document serves as a comprehensive operational risk management tool designed to comply with Canadian federal and provincial regulatory requirements. It provides a structured approach to identifying, assessing, and managing operational risks within organizations operating in Canada. The form incorporates requirements from various Canadian regulatory bodies, including OSFI guidelines for financial institutions and provincial workplace safety regulations. It enables organizations to document their risk assessment process, current controls, mitigation strategies, and monitoring procedures while maintaining compliance with Canadian risk management standards and best practices.

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What is a Operational Risk Management Form?

The Operational Risk Management Form is a critical document used by Canadian organizations to systematically evaluate and manage operational risks in compliance with federal and provincial regulations. It is typically implemented when organizations need to assess new processes, review existing operations, or respond to regulatory requirements. The form includes detailed sections for risk identification, analysis, evaluation, and treatment, aligned with Canadian risk management standards and regulatory expectations. It is particularly relevant in the context of OSFI guidelines, provincial workplace safety regulations, and industry-specific requirements. The document serves as both a risk assessment tool and a compliance record, demonstrating due diligence in risk management practices to stakeholders and regulatory authorities.

What sections should be included in a Operational Risk Management Form?

1. 1. Document Control Information: Contains version number, date of last review, document owner, and approval authorities

2. 2. Purpose and Scope: Defines the objective of the risk assessment and the boundaries of what is being assessed

3. 3. Risk Assessment Context: Describes the business unit, process, or activity being assessed and relevant background information

4. 4. Risk Identification: Details of identified operational risks, their sources, and potential events

5. 5. Risk Analysis: Assessment of likelihood and impact of identified risks, including both qualitative and quantitative measures

6. 6. Current Controls: Documentation of existing control measures and their effectiveness

7. 7. Risk Evaluation: Determination of risk levels and prioritization based on assessment criteria

8. 8. Risk Treatment: Proposed mitigation strategies, action plans, and responsible parties

9. 9. Monitoring and Review: Procedures for ongoing monitoring of risks and review of control effectiveness

10. 10. Sign-off and Approval: Required signatures and approvals from relevant stakeholders

What sections are optional to include in a Operational Risk Management Form?

1. Regulatory Compliance Assessment: Include when the risk assessment needs to specifically address compliance with regulatory requirements

2. Cost-Benefit Analysis: Add when detailed financial impact assessment of risk treatments is required

3. Business Continuity Considerations: Include for critical processes where business continuity planning is essential

4. Third-Party Risk Assessment: Add when significant vendor or partner relationships are involved

5. Technology Risk Assessment: Include when IT systems or digital processes are central to the operation

6. Environmental Risk Factors: Add when environmental impacts need to be specifically considered

What schedules should be included in a Operational Risk Management Form?

1. Appendix A: Risk Assessment Matrix: Detailed risk scoring criteria and evaluation matrices

2. Appendix B: Control Testing Results: Documentation of control effectiveness testing and results

3. Appendix C: Action Plan Template: Template for documenting and tracking risk treatment actions

4. Schedule 1: Risk Register: Detailed listing of all identified risks and their attributes

5. Schedule 2: Control Framework: Comprehensive documentation of all control measures

6. Schedule 3: Key Risk Indicators: List of metrics and thresholds for monitoring risk levels

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions








































Clauses






























Relevant Industries

Financial Services

Healthcare

Manufacturing

Technology

Energy

Transportation

Telecommunications

Real Estate

Professional Services

Retail

Mining

Construction

Education

Government

Insurance

Relevant Teams

Risk Management

Internal Audit

Compliance

Operations

Quality Assurance

Security

Health and Safety

Business Continuity

Process Excellence

Legal

Information Technology

Human Resources

Finance

Corporate Governance

Relevant Roles

Chief Risk Officer

Risk Manager

Compliance Manager

Operations Director

Internal Audit Manager

Business Continuity Manager

Quality Assurance Manager

Process Owner

Department Head

Chief Operating Officer

Risk Analyst

Compliance Officer

Operations Manager

Project Manager

Control Manager

Security Manager

Health and Safety Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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