The causal model approach to quantifying operational risk

I have developed the ‘causal model’ approach based upon my previous experiences
with operational risk management projects, operations management, pricing project
risk and outsourcing. The methodology consists of the following steps:
Ω Define operational risk
Ω Document and collect data
Ω Build a prototype of the system
Ω Refine data collection
Ω Finalize prototype and roll out firm-wide