Global Perspective on Operational Risk Gary Cohn once said: “If you don't invest in risk management, it doesn't matter what business you're in, it's a risky activity. Operational risk can be defined as the prospect of loss resulting from inadequate or failed procedures, systems or policies (Rouse, 2013). Operational risk is a normal factor for any industry, these risks being environment, health, safety, quality and compliance (Littlefield, 2012). The biggest challenge will be to minimize these risks as much as possible. The charts above show how risk in different industry sectors has varied over the past two years for different countries. The Y axis represents the expected default frequency (EDF) risk indices, which are used to measure risk in this case. As we can see, the risk cannot be completely eliminated, but it can be reduced. However, the latter is unpredictable and that is why a proper risk management system is important, to avoid spikes like in the graph above. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayRisk ManagementRisk management is a process by which potentially dangerous situations are identified, assessed, controlled and reviewed in order to create a safer workplace. This culture was recently implemented with the arrival of the ISO 9001:2015 standard, which focuses on risk management at the organizational level (Sousa, Nunes, and Lopes, 2015). To build such an effective management system, each sector of the business must cooperate and the result of this collaboration will lead to the achievement of sustainability, better industry performance, reduction in compliance costs and bonuses insurance as well as a better exit product as a bonus.Risk management in MauritiusThis risk management culture is not only adopted by large countries but also by Mauritius, some industries of which are ISO 9001:2015 certified. Companies such as Phoenix Bev, Ominicane and Gamma construction. These companies are considered leaders in their field and this is due to good collaboration of all employees to implement and follow standards such as ISO 9001:2015, among others. Hazard assessment is part of the Occupational Safety and Health Act (OSHA) management system. This international framework is emphasized in Mauritius and in accordance with the provisions of the law, the Ministry of Labor has issued guidelines for employers to carry out effective risk management in their respective workplaces (Ministry of Labour, 2008 ). Shakeel Mohamed, the then Minister of Labor, encouraged all stakeholders to make optimum use of the guidelines issued to maintain a high level of occupational safety and health at workplaces. Furthermore, Mauritius' involvement in the risk management sector does not stop there. There are real companies that manage the risks of other companies in any industry, such as PricewaterhouseCoopers also known as PwC. PwC supports businesses in implementing and developing an environmental risk management (ERM) framework across all sectors. This includes process, “the information and organizational capabilities that underpin effective ERM and help the company align ERM with existing core business functions.” » (PwC, 2018). The Bank of Mauritius itself encourages risk management in Mauritius. Their board of directors has.