Risks are interconnected and interdependent. Many financial organizations use similar descriptors. Include all elements of risk. The latter are difficult to quantify, when they change from day to day. Begin with what you know best.
Financial institutions begin their work with credit and market risks, the familiar ones.
Microsoft has a new intranet page for all operational risks, to be expanded later. Pulling together all risks is difficult but necessary . As with any departure from conventional practice, integrated risk assessment requires a dedicated individual with the vision and the diplomatic skills to forge a new approach. James Lam, in Boston's Fidelity Management, Murray Corlett, in Toronto's Royal Bank Financial Group, and Hans-Ulrich Doerig at Credit Suisse are three of this new breed, reporting directly to their CEOs. Successful leadership efforts require collegiality.