Skip to content

Operational Risk

Our Operational Risk Course will help your employees understand companies' common operational risks, including legal and compliance risk, third-party risk and cyber risk.

It shows learners how operational risk can be conceptualised in terms of cause, consequences and risk events.

The course also covers tools and techniques to identify and analyse risk, as well as the various ways risks can be managed by implementing risk controls.

Start your trial Course details
  • 50 Minutes
  • For all staff
  • Based on best-practice risk management frameworks and suitable for global audiences.

Learning objectives

  • Understand and identify the common operational risks that we face as a Company
  • Implement appropriate controls to ensure effective risk management
  • Identify the benefits and drawbacks of modelling risk
  • Take appropriate action to manage operational risks in their day-to-day role

    What can you expect your employees to learn?

Welcome

  • Learning objectives
  • How to complete this course

What is operational risk?

  • In the news
  • You decide: What type of operational risk is it?

Identifying operational risks

  • You decide: Is it an operational risk or not?
  • You decide: Whose approach to operational risk?

Understanding cause & effect

Collecting data on operational risks

  • Assessing operational risk
  • Probability (likelihood)
  • Impact (severity)
  • You decide: What are the chances of that?
  • You decide: What impact would that have on us?
  • Calculating the overall score

Methods of measuring operational risk

  • Risk maps

Operational risk controls

  • The 4Ts Model
  • You decide: Controlling operational risks

Monitoring & reporting

  • Risk reporting
  • Stress testing & scenario analysis
  • What are the benefits of scenario analysis?
  • Our risk governance framework

The 3LoD model

Best practice for managing operational risk

Scenarios: A done deal

  • Scenario 1: Assessing the risks
  • Scenario 2: Controlling the risks
  • Scenario 3: Better governance

Scenarios: The data breach

  • Scenario 1: Assessing the risks
  • Scenario 2: Controlling the risks
  • Scenario 3: Better governance

Summary

Affirmation

Assessment

Start your compliance e-learning journey with a free trial

Our no-obligation free trial gives you access to our libraries and compliance platform. 

Ready to start your free trial? Complete the form, and a member of the Skillcast team will be in touch with further details.

Your questions, answered

DORA

CyberFocus

Risk Management

How can I benchmark my team's cyber security awareness?

An anonymous cybersecurity awareness survey can assess your team’s understanding of critical security practices. Skillcast offers ready-to-use surveys to benchmark awareness levels and identify areas needing extra focus.

How does conduct risk differ from compliance risk?

Conduct risk focuses on behaviour and outcomes, how actions affect customers and markets -  while compliance risk relates to failing to meet legal or regulatory requirements. Conduct risk is broader and more subjective, often tied to culture and ethics.

Who is responsible for managing conduct risk within a firm?

While senior leadership sets the tone, managing conduct risk is a shared responsibility across all levels, from front-line staff to compliance teams. Everyone plays a role in identifying and mitigating risky behaviour.

Can conduct risk exist in non-financial sectors?

Yes. Although the FCA regulates financial services, conduct risk principles apply across industries. Any business that interacts with customers or influences markets can face conduct-related challenges.

How can technology help reduce conduct risk?

Tools like automated monitoring systems, AI-driven analytics, and e-learning platforms can help detect risky patterns, reinforce ethical behaviour, and ensure consistent training across teams.

How often should proliferation financing risk assessments be updated?

Best practice suggests reviewing risk assessments annually or whenever there are significant changes in business operations, customer profiles, or geopolitical developments.

Why is risk scoring important for my business?

Identifying potential risks around your business is not enough. Tracking how your company manages them helps you implement policies to prevent them. The best way to get started is with a risk scoring matrix.

What is a risk scoring matrix?

A risk scoring matrix helps identify the level of risk for specific activities, such as personal data. By measuring the likelihood of something happening against how serious the consequences would be, it helps you see which areas to focus on. And what policies or procedures to put in place.

Related courses

Boost your compliance efforts with our range of courses. Varying in length and topic, our courses equip you with the tools to create an ethical and resilient workplace.

Operational Resilience

The FCA has made operational resilience a requirement for banks, building societies, PRA-designated investment firms, enhanced scope firms and other financial institutions.

Read more

In-depth 55 Minutes DORA For all staff

Risk Management

Most companies seek to nurture a healthy risk culture where everyone across the organisation understands their responsibilities for managing risk.

Read more

In-depth 45 Minutes For all staff

Risk Assessment

The output of a risk assessment helps determine a firm's risk appetite and approach to risk management.

Read more

In-depth 45 Minutes For all staff

Cyber Risk

Cyber risk has become an increasingly important part of the business landscape that relies on digital technologies to deliver products and services.

Read more

In-depth 45 Minutes For all staff

Risk Identification

Risk identification is a process carried out to obtain a holistic view of the risks a company is exposed to.

Read more

In-depth 45 Minutes For all staff

Business Travel Risk

Business travel risk management is fundamental for organisational resilience and business continuity management.

Read more

In-depth 45 Minutes For all staff

Developing Secure Applications

The process of software and system development is constantly evolving, with increased automation and integration.

Read more

In-depth 45 Minutes For all staff

ESG Risk

The three critical dimensions of Environmental, Social, and Governance (ESG) are foundational to ethical business operations.

Read more

In-depth 45 Minutes For all staff

Business Continuity Management

Despite the best risk management efforts, some events will be beyond your control, and your Company needs to plan for them accordingly.

Read more

In-depth 40 Minutes DORA For all staff

Risk Appetite

Attitudes to risk can vary considerably across a spectrum of risk-taking.

Read more

In-depth 40 Minutes For all staff

Risk Treatment

Risk treatment refers to when a firm applies risk controls and other strategies in response to risk.

Read more

In-depth 40 Minutes For all staff

Risk Reporting

Risk reporting is the final step in the Management of Risk framework.

Read more

In-depth 40 Minutes For all staff

Risk Monitoring

Risk monitoring is within the broader ecosystem of the risk management process.

Read more

In-depth 40 Minutes For all staff

Credit Risk for Financial Firms

Credit risk is a form of financial risk.

Read more

In-depth 40 Minutes For all staff

Credit Risk for Non-Financial Firms

Credit risk is a form of financial risk that all companies are exposed to.

Read more

In-depth 40 Minutes For all staff

Continual Improvement of Risk Management

Risk management needs to be continuously improved through learning and experience.

Read more

In-depth 40 Minutes For all staff

Information Security Compliance Training Course

The security of client and internal information is critical for businesses.

Read more

In-depth 35 Minutes DORA For all staff

Introduction to Risk

In order to fully understand the nature of the risks that your company faces, risk needs to be described in terms of events, causes and consequences.

Read more

In-depth 30 Minutes For all staff

Third-Party Risk

Third-party risk is a form of operational risk and includes the risk that arises from relationships with third-party providers such as suppliers, contractors and other business partners.

Read more

In-depth 30 Minutes For all staff

Physical and Personal Security Risk

Our Managing Physical Security Risk course will help your employees to understand physical security risks.

Read more

In-depth 30 Minutes For all staff

Digital Operational Resilience Act (DORA)

The Digital Operational Resilience Act (DORA) is a regulatory framework set by the European Union to enhance the cybersecurity and operational resilience of financial institutions.

Read more

In-depth 25 Minutes DORA For all staff

Electronic Communications

Emails and instant messages can quickly make headlines, damage reputations and lead to lawsuits.

Read more

In-depth 25 Minutes DORA For all staff

Digital Operational Resilience Act (DORA)

This course on the Digital Operational Resilience Act (DORA) covers key requirements for ICT risk management, incident reporting, resilience testing, third-party risk management, and information sharing, helping employees strengthen cybersecurity and ensure regulatory compliance.

Read more

In-depth 25 Minutes DORA For all staff

Cybersecurity Compliance Training Course

Most businesses conduct some or all of their operations using digital media.

Read more

Express 20 Minutes DORA Cybersecurity For all staff

Information Security

The loss or theft of commercially sensitive information may damage revenues, reputation and consumer trust.

Read more

Refresher 20 Minutes DORA Cybersecurity For all staff

Records Management

Records management refers to employees' creation, storage, archiving, and disposal of business records.

Read more

In-depth 20 Minutes DORA For all staff

Cybersecurity

Educate your staff on how to recognise cyber security risks, where they are likely to originate, how to combat them, and the support systems your Company has in place in the event of a cyber security incident.

Read more

In-depth 20 Minutes DORA For all staff

Phishing

It's essential for your employees to know what phishing is, how to spot the signs of an attempt and how to protect themselves and your Company.

Read more

Express 15 Minutes DORA Cybersecurity For all staff

Spot a Phishing Attempt

Phishing emails are fraudulent attempts by cybercriminals to trick individuals into revealing sensitive information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Business Email Compromise

Business Email Compromise (BEC) is a targeted cyberattack where criminals impersonate executives or hack accounts to steal money or sensitive information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Deepfake Awareness

Deepfakes use artificial intelligence to create fake images, audio or videos that can deceive individuals and organisations.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Understanding Information Security

Information security is essential to protect sensitive business and customer data from unauthorised access, breaches and cyber threats.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Common Cyber Threats

Cyber threats such as phishing, malware, ransomware and unsecured networks pose significant risks to businesses.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Zero Trust Cybersecurity

The zero trust cybersecurity model ensures IT systems remain inaccessible by default, requiring strict verification before granting access.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Bring Your Own Device Security

Bring Your Own Device (BYOD) policies offer convenience and flexibility but also introduce cybersecurity risks.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Device Hygiene

Device hygiene is the practice of keeping digital devices secure and free from cyber threats to protect company data and networks.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Malware

Malware is malicious software designed to harm or exploit computer systems, ranging from viruses and ransomware to spyware and botnets.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Ransomware

Ransomware is a type of malware that encrypts files and demands payment for their release, often causing severe financial and operational damage.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Smishing

Smishing is a targeted phishing scam that uses deceptive text messages to gain sensitive information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Spear Phishing

Spear phishing targets specific individuals with convincing emails designed to deceive them.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Video Conferencing

Video conferencing is a vital business tool, but it also presents security and privacy risks if not used correctly.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Vishing

Vishing is a social engineering attack where cybercriminals use phone calls to trick individuals into revealing sensitive information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Creating Strong Passwords

Strong password protection is essential to safeguarding company systems from cyber threats such as brute force attacks and password guessing.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Multi-factor Authentication

Multi-factor authentication (MFA) enhances security by requiring users to verify their identity through multiple authentication methods.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Reacting to Password Breaches

Password breaches can lead to unauthorised access, fraud and data theft, often resulting from weak passwords, phishing or insecure networks.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Information Classification

This training helps employees understand different levels of information classification, their restrictions and how to handle data securely.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Information Security on the Move

Handling company information securely, especially when working remotely or traveling, is essential to prevent data breaches and security risks.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Tailgating and Piggybacking

Cybersecurity is not just about digital protection but also involves securing physical access to critical systems.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Secure Web Browsing

Practicing safe web browsing helps to reduce security risks and protect sensitive information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Supply Chain Cybersecurity

A company’s cybersecurity is only as strong as its weakest link and supply chain vulnerabilities can expose businesses to major breaches.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Transferring Information Securely

Securely transferring information is essential to protect sensitive data from breaches, legal risks and business disruptions.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Using Wi-Fi safely

Wi-Fi connectivity offers convenience but also exposes devices and data to security risks if not properly managed.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Advising Customers on Cybersecurity

Cybersecurity is everyone's responsibility, including guiding customers to protect themselves from online threats.

Microlearning 5 Minutes DORA Cybersecurity For all staff

CEO Fraud

CEO fraud is a type of Business Email Compromise where cybercriminals impersonate executives to trick employees into making payments or sharing confidential information.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Guide to Secure Remote Working

Remote work provides flexibility but also introduces cybersecurity risks that can compromise company data and systems.

Microlearning 5 Minutes DORA Cybersecurity For all staff

Think Before You Click

Clicking on malicious links or attachments is one of the most common ways cybercriminals infect IT systems with malware.

Microlearning 5 Minutes DORA Cybersecurity For all staff