Global Perspective of Operational Risk Gary Cohn once said, “If you don't invest in risk management, no matter what business you're in, it's a risky business.” Operational risk can be defined as the prospect of losses resulting from inadequate or failed procedures, systems or policies (Rouse, 2013). Operational risk is a normal factor for any industry, such risks concern the environment, health, safety, quality and compliance (Littlefield, 2012). The biggest challenge will be to minimize these risks. The graphs above show how risk in different industrial sectors has varied over the last two years for different countries. The Y-axis represents the expected default frequency (EDF) risk ratios, which in this case are used to measure risk. As you can see, the risk cannot be totally eliminated but it can be reduced. The latter, however, is unpredictable and this is why an adequate risk management system is important, to avoid peaks as in the graph above. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Risk Management Risk management is a process by which potential harmful situations are identified, assessed, controlled, and reviewed in order to create a safer workplace. This culture was recently implemented with the arrival of ISO 9001:2015, which focuses on risk management at the organizational level (Sousa, Nunes, & Lopes, 2015). To build such an effective management system, each area of ​​the company will have to cooperate and the result of this collaboration will lead to the achievement of sustainability, improved industry performance, reduction of compliance costs and insurance premiums, as well as a better bottom line final as a result. bonus.Risk Management in MauritiusThis risk management culture is not only adopted by big countries but also by Mauritius which has some ISO 9001:2015 certified industries. Companies like Phoenix Bev, Ominicane and Gamma Construction. These companies are considered leaders in their industry and this is due to the good cooperation of all employees in implementing and adhering to standards such as ISO 9001:2015, among others. Risk assessment is part of the Occupational Safety and Health Act (OSHA) management system. This international framework is used with particular attention in Mauritius and, in line with the provisions of the law, the Ministry of Labor has published guidelines for employers to carry out effective risk management in their respective workplaces (Ministry of Labor , 2008). Shakeel Mohamed, Minister of Labor at the time, encouraged all stakeholders to make optimal use of the issued guidelines to maintain a high standard of occupational safety and health in workplaces. Furthermore, Mauritius' involvement in the risk management sector does not stop there. There are actual companies that manage the risk of other businesses in any industry, such as PricewaterhouseCoopers also known as PwC. PwC supports companies in implementing and developing an environmental risk management (ERM) framework across all sectors. This includes the process, “the information and organizational capabilities that underpin effective ERM and that help the enterprise align ERM with existing core business functions. (PwC, 2018). The Bank of Mauritius itself encourages risk management in Mauritius. Their board of directors has the primary responsibility for ensuring that the country's risk is managed effectively and efficiently (Bank of Mauritius, 2010). Risk is a global issue for.