With regard to operational risk awareness, which of the following best practices is incorrect?
A) A report describing operational risks, the most significant incidents and corrective plans of action should be established on a quarterly basis.
B) It is good practice to collect and analyze incidents and near-misses so as to set up preventive action plans for the future.
C) Every time a report describing operational risks is produced, it should be provided to senior management.
D) Whenever possible action plans should be put in place that mitigate operational risks that have been identified.

Question

Quizplus · Accepted Answer

Quarterly reporting may be too infrequent for effective operational risk management. It is recommended to establish regular reporting procedures that ensure significant incidents and corrective plans of action are identified and addressed in a timely manner.

With Regard to Operational Risk Awareness, Which of the Following