Embarking on the role of an Operational Risk Manager requires a strategic and phased approach to understand the organization's risk landscape, establish key relationships, and implement risk management frameworks. This 30-60-90 day plan provides a comprehensive roadmap to ensure a successful transition and impactful contribution from day one.
Utilize this plan to:
- Set clear objectives aligned with operational risk policies and business goals
- Track progress on risk assessments, controls implementation, and compliance activities
- Develop competencies in risk identification, analysis, and mitigation specific to your organization's environment
Whether you are stepping into this role for the first time or transitioning within the organization, this plan equips you with actionable steps to build a robust operational risk management function.
Benefits of a 30-60-90 Day Plan for Operational Risk Managers
Implementing a structured onboarding plan tailored for operational risk management offers several advantages:
- Provides a clear framework to prioritize risk management initiatives and compliance requirements
- Facilitates early engagement with key stakeholders across departments to foster collaboration
- Enables identification and remediation of operational vulnerabilities promptly
- Supports the development of a proactive risk culture within the organization
Main Elements of the Operational Risk Manager 30-60-90 Day Plan
This plan is segmented into three key phases, each with specific goals, tasks, and deliverables to guide your onboarding journey:
First 30 Days: Orientation and Assessment
Focus on understanding the organization's operational risk framework, policies, and current risk profile. Key activities include:
- Review existing risk management policies, procedures, and reporting mechanisms
- Meet with risk owners and department heads to understand operational processes and challenges
- Conduct preliminary assessments of key operational risks and controls
- Familiarize yourself with regulatory requirements and compliance standards relevant to the organization
Days 31-60: Planning and Relationship Building
Develop strategies to address identified risks and strengthen risk controls. Engage with teams to foster collaboration and accountability:
- Design risk mitigation plans and update risk registers accordingly
- Establish regular communication channels with stakeholders for ongoing risk monitoring
- Coordinate with internal audit and compliance teams to align risk management efforts
- Begin training sessions or workshops to promote risk awareness among staff
Days 61-90: Implementation and Monitoring
Execute risk management initiatives and establish metrics to measure effectiveness:
- Implement control improvements and monitor their performance
- Prepare and present risk reports to senior management and the board
- Refine risk assessment methodologies based on feedback and observed outcomes
- Develop a continuous improvement plan for operational risk management processes
Throughout the 90 days, document progress, challenges, and lessons learned to inform ongoing risk management practices. Assign clear responsibilities and maintain accountability to ensure sustained success in your role as an Operational Risk Manager.
