A crucial aspect in the practical use of the operational risk factors is that the identified factors must be
measurable in order to ensure that it can determine the level of risk. Ong (2007) states that determining
the level of risk is an important point, which must provide detail on what the level of the risk factor is and
what must be done about it. Therefore, it is imperative to link a value to the risk factors in order to
determine the level of the risk. For example, should a medical doctor identify that a patient is suffering
from a heart problem, it is crucial to identify the level of seriousness to understand which remedial steps
to take. Should the problem then not be serious, it will not be necessary for a heart transplant. Similarly, it
is clear that when managing key risk factors (indicators), the risk factor as well as the level of the risk has
to be clearly identified.
A crucial aspect in the practical use of the operational risk factors is that the identified factors must be measurable in order to ensure that it can determine the level of risk. Ong (2007) states that determining the level of risk is an important point, which must provide detail on what the level of the risk factor is and what must be done about it. Therefore, it is imperative to link a value to the risk factors in order to determine the level of the risk. For example, should a medical doctor identify that a patient is suffering from a heart problem, it is crucial to identify the level of seriousness to understand which remedial steps to take. Should the problem then not be serious, it will not be necessary for a heart transplant. Similarly, it is clear that when managing key risk factors (indicators), the risk factor as well as the level of the risk has to be clearly identified.
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