Transcribed
Scenario Analysis, Stress and Reverse Stress Testing
Scenario Analysis, Stress and Reverse Stress Testing Operational Risk Sound Practice Guidance SWORD BUSI GRC THE INSTITUTE OF OPERATIONAL RISK An IRM Group Company
Scenario Analysis, Stress and Reverse Stress Testing
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The Institute of Operational Risk (IOR) was created in January 2004 and became part of
the Institute of Risk Management in 2019. The IOR’s mission is to promote the development
of operational risk a...
s a profession and to develop and disseminate sound practice for the
management of operational risk.
The need for effective operational risk management is more acute than ever. Events such as
the global financial crisis or the COVID-19 pandemic highlight the far-reaching impacts of
operational risk and the consequences of management failure. In the light of these and numerous
other events organisations have to ensure that their policies, procedures, and processes for the
management of operational risk meet the needs of their stakeholders.
This guidance is designed to complement existing standards and codes for risk management
(e.g. ISO31000). The aim is to provide guidance that is both focused on the management of
operational risk and practical in its application. In so doing, this is a guide for operational risk
management professionals, to help them improve the practice of operational risk in organisations.
Readers looking for a general understanding of the fundamentals of operational risk management
should start with the IOR’s Certificate in Operational Risk.
Not all the guidance in this document will be relevant for every organisation or sector. However,
it has been written with the widest possible range of organisations and sectors in mind. Readers
should decide for themselves what is relevant for their current situation. What matters is gradual,
but continuous improvement.
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