I have been reading a lot of posts on many different risk forums of late and it appears that the Frequency x Magnitude argument for measuring operational risk, is a stubborn pandemic and a failing that is going to be nearly impossible to move on from.
How do we really measure operational risk?
We are often asked for insight on business measures or KPIs for ERM programs to track overall progress and effectiveness.
The key question for risk managers is: how do I measure the value ERM is delivering to my organization?
The following are examples of measures that will quantify and measure the value your ERM program is providing:
1. Number of systemic risks identified
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