Operational Risk Control Review
Operational Risk Control Review (ORCR) is the process of ensuring that operational risk controls are effective and efficient in both design and operation. The review is carried out purely to determine what controls are in place to manage risks within a firm. The review will not take into consideration an operational risk management framework nor what good corporate governance around the multiple interlocking processes of operational risk management already exist.
Types of ORCR
There are a variety of way to perform an Operational Risk Control Review
Elmore review the documented critical objectives and processes together with an independent validation of internal assessements already
Alongside senior management, Elmore work to identitfy and agree the key business risks and effectiveness of internal controls to combat them.
Elmore provides the framework for business managers to draw their detailed knowledge of the business to identify the risks and to agree on their management.