The Operational Risk Management Form is a critical document required for organizations operating in Hong Kong's regulated environment. It has been developed in response to the increasing complexity of business operations and the heightened focus on risk management by Hong Kong regulators, particularly the HKMA. This document is typically used when organizations need to demonstrate their systematic approach to managing operational risks, during regulatory submissions, internal audits, or as part of regular risk assessment processes. The form incorporates requirements from various Hong Kong ordinances and regulatory guidelines, including the Banking Ordinance and HKMA's Supervisory Policy Manual, and needs to be regularly updated to reflect changes in the risk landscape and regulatory requirements.
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1. Document Control: Version number, date, approval status, and document owner information
2. Executive Summary: Overview of the key risks identified and risk management approach
3. Scope and Objectives: Purpose of the risk assessment and boundaries of the analysis
4. Risk Assessment Methodology: Description of the approach used for risk identification and assessment
5. Risk Identification: Detailed listing and description of identified operational risks
6. Risk Assessment Matrix: Analysis of likelihood and impact of identified risks
7. Current Control Measures: Existing controls and their effectiveness in managing identified risks
8. Action Plan: Proposed risk mitigation strategies and implementation timeline
9. Monitoring and Review: Procedures for ongoing monitoring and periodic review of risks
10. Roles and Responsibilities: Definition of key stakeholders and their risk management responsibilities
11. Reporting Requirements: Procedures for risk reporting and escalation protocols
1. Business Continuity Considerations: Additional section for critical operations requiring specific business continuity planning
2. Technology Risk Assessment: Detailed section for operations with significant IT dependencies
3. Third-Party Risk Management: Section required when significant outsourcing or third-party relationships exist
4. Regulatory Compliance Matrix: Additional section for highly regulated operations
5. Change Management Procedures: Section for operations undergoing significant changes or transformations
6. Training Requirements: Detailed training plans when specialized staff training is necessary
1. Appendix A - Risk Register: Detailed log of all identified risks including risk ID, description, owner, and status
2. Appendix B - Control Testing Schedule: Timeline and procedures for testing control effectiveness
3. Appendix C - Risk Assessment Tools: Ƶ and tools used in risk assessment process
4. Appendix D - Key Risk Indicators: List of KRIs with thresholds and monitoring frequencies
5. Schedule 1 - Incident Response Procedures: Detailed procedures for responding to risk incidents
6. Schedule 2 - Risk Assessment Criteria: Detailed criteria for risk impact and likelihood assessment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Insurance
Asset Management
Securities and Brokerage
Financial Technology
Professional Services
Healthcare
Manufacturing
Retail and Distribution
Transportation and Logistics
Relevant Teams
Risk Management
Internal Audit
Compliance
Operations
Legal
Information Technology
Business Continuity
Process Control
Quality Assurance
Corporate Governance
Senior Management
Board Risk Committee
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Officer
Internal Auditor
Operations Director
Business Unit Head
Risk Assessment Specialist
Control Testing Officer
Process Owner
Department Manager
Chief Operating Officer
Risk Analysis Manager
Regulatory Compliance Manager
Quality Assurance Manager
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