Effective strategies for mitigating operational risks include:
Training and Development: Ensuring employees are well-trained and aware of risk management practices. Process Improvement: Continuously refining processes to eliminate inefficiencies and vulnerabilities. Contingency Planning: Developing and testing plans for crisis management and disaster recovery. Outsourcing: Delegating certain functions to specialized third parties to reduce exposure. Regular Audits: Conducting internal and external audits to ensure compliance and identify risks.