OPERATIONAL RISKS

Risk management in an organization could be defined as a continuous process consisting of identifying uncertainties (risks and opportunities); assessment of risks from the point of view of probability, importance and time of their occurrence, as well as evaluation of possible consequences and related priority setting of risks.

Risk is the extent of uncertainty related to strategies and operations, the economic environment in which the organization operates, as well as risks related to business compliance with regulations and rules and financial reporting, and last but not least, risks related to company management.