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Annette Clinton Head of Competition and Consumer Policy Directorate of Railway Markets & EconomicsEmail: annette.egginton@orr.gsi.gov.uk 24 February 2017 Fraser Brown Business Lead Heathrow Express
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ORRS (Operational Risk Reporting System) approach to monitoring involves systematic tracking and assessment of operational risks that organizations face in their daily activities, ensuring that risks are identified, evaluated, and managed effectively.
Organizations that are subject to regulatory oversight regarding operational risks are required to file ORRS approach to monitoring, typically including banks, financial institutions, and other entities engaged in high-risk transactions.
To fill out ORRS approach to monitoring, organizations must collect relevant data, assess their operational risks, and complete the designated template by providing quantitative and qualitative information as required by the regulatory framework.
The purpose of ORRS approach to monitoring is to enhance transparency in operational risk management, ensure compliance with regulations, and provide key stakeholders with insights into potential risks that may affect organizational performance.
Information that must be reported includes risk identification details, risk assessment outcomes, mitigation strategies, incident reports, and any relevant key risk indicators (KRIs) that reflect the operational risk landscape.
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