Operational risk is the risk of a change in value caused by the fact that actual losses, incurred for inadequate or failed internal processes, people and systems, or from external events (including legal risk), differ from the expected losses. It can also include other classes of risk, such as fraud, security, privacy protection, legal risks, physical (e.g. infrastructure shutdown) or environmental risks.
Wider trends such as globalization, the expansion of the internet and the rise of social media, as well as the increasing demands for greater corporate accountability worldwide, reinforce the need for proper operational risk management.
The term Operational Risk Management (ORM) is defined as a continual cyclic process, which includes risk assessment, risk decision making, and implementation of risk controls, which results in acceptance, mitigation, or avoidance of risk. ORM is the oversight of operational risk, including the risk of loss resulting from inadequate or failed internal processes and systems; human factors; or external events.
Translators at Max Language Solutions have worked on numerous projects in operational risks and operational risks management. We have experience of translating various documents in the sphere or operational risks. Our translators have also worked on the translation project from English into Russian of about 19,000 words of presentations on operational risks and operational risks management, which has been a bigger project in the sphere, and included, in particular, such topics as management of banks, liquidity, banking regulation, Basel accords, credit risks, functions and forms of banking, credit process and credit risk management and securization.
We at Max Language Solutions adhere to strict translation quality assurance. This presupposes that apart from the translation itself, the text undergoes two stages of verification: one by a proofreader, who checks for mistakes or discrepancies, and another one – by a Quality Assurance specialist, who verifies the translated and proofread text using the specialized software.
The translators of our company are native speakers and reside in the corresponding countries. Due to this, they translate to and from the languages they use in their daily life and, thus, the language of translation is live and smooth. Moreover, we don’t use the services of intermediary agencies, and cooperate with our translators directly – and this allows us to save the cost of intermediary services and deliver good quality translations at competitive prices.