Operational Risk refers to the potential for loss resulting from inadequate or failed internal processes, people, systems, or external events. This skill involves identifying, assessing, and mitigating risks that can disrupt operations and impact organizational objectives. Knowledge of Operational Risk is used to develop strategies and frameworks that enhance resilience, ensure compliance, and improve overall operational efficiency. It plays a critical role in decision-making and resource allocation to minimize adverse effects on business performance.

Regulatory Risk refers to the potential for financial or operational loss due to changes in laws, regulations, or compliance requirements. It is used to assess and mitigate the impact of regulatory developments on organizational activities.

Risk Control refers to the practice of identifying, assessing, and reducing potential losses or adverse outcomes in work processes, operations, and decisions. It is used to establish controls, monitor exposure, and support informed action that limits the likelihood or impact of risks. In professional settings, it guides the development of procedures, oversight measures, and corrective actions that help maintain stability and compliance.

Risk Governance is a strategic approach to managing potential threats and uncertainties that could impact an organization's objectives and operations. This skill involves the identification, assessment, management, and monitoring of risks, ensuring that they are effectively mitigated and controlled. It is crucial in maintaining the stability of an organization, protecting its stakeholders, and ensuring the successful achievement of its goals.

Risk Policies refer to documented guidelines that outline an organization’s approach to identifying, assessing, and managing potential risks. They are used to standardize risk management practices, ensure regulatory compliance, and mitigate potential threats to operations.