Operational risk register

🎯 purpose register of the material operational risks in the processes this workspace documents, with their key controls and current assessment maintained by the operational risk forum; reviewed monthly at the ops review 📋 register (extract) id risk process area gross key controls residual trend or 01 unlicensed or unfit intermediary activated intermediary onboarding high ctrl d 03, ctrl d 04, ctrl d 07 low stable or 02 cover confirmed before kyc complete customer onboarding high ctrl c 01 hard stop low stable or 03 commission paid on uncollected premium finance cycles medium collected basis rule in commission run low stable or 04 banking detail fraud on agreements or refunds agreements, refunds high call back verification (ctrl d 11 pattern) medium watch or 05 underwriting authority breach referrals medium delegation matrix, queue monitoring medium watch or 06 policy record does not match issued schedule policy administration high endorsement four eyes, discrepancy incident route medium improving or 07 claims fraud not detected at fnol claims medium fnol fraud checklist, siu routing medium stable or 08 client money unallocated beyond tolerance premium reconciliation high monthly rec, 60 day escalation low stable 📐 governance conventions gross = risk with no controls; residual = with controls operating as tested in the monthly self assessment a control failure in the self assessment automatically flags the linked risk for re assessment at the next forum new risks enter through the forum with a named accountable owner from the raci in roles and responsibilities 🔎 assessment and review guidance review risk trends monthly through operational governance forums escalate repeated control failures into formal remediation tracking verify that residual risk ratings align with current control effectiveness evidence ensure accountable owners are assigned to every material operational risk