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Operational risk defined

Operational risk defined

Source: Carnegie Mellon Software Engineering Institute

The Carnegie Mellon Software Engineering Institute (SEI) teams with the Financial Services Technology Consortium (FSTC) in an effort to define how an organisation can predictably and systematically control operational resiliency through activities such as security and business continuity.

The SEI and FSTC joined forces to explore the development of a framework for operational resiliency — with a focus on the core security, business continuity, and IT operations management activities that support it.

This technical note describes the results of the collaboration and introduces the concept of process improvement for operational resiliency.

States the report: "Adopting a process view of operational resiliency provides a necessary level of discipline and structure to operational risk management activities. Moreover, it provides a structure in which best practices can be selected and implemented to achieve process goals. A process view defines a common organisational language and helps the organisation to systematically address compliance and regulatory commitments."

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