The operational term could refer to operational definitions which are descriptions of concepts which can be represented in tangible ways by something we can sense with our five senses as human beings. For instance, if you say central processing unit, what does that mean to someone who knows nothing about computers? But if you can point to the central processing unit (CPU) standing beside the monitor and the person sees or touches it, that person will get a tangible awareness of what a CPU is. If you then back up that lesson with a coherent and clear description in words of what a CPU is all about, then you have just come up with an operational definition.

Risk, at its simplest meaning, may refer to a perceived threat which can induce a loss of resources or assets to you. So if we combine that with the operational definition of a CPU, we may say that one risk faced by a CPU is to be rendered useless if we accidentally plug the CPU into the wrong power source, and end up frying its insides.

Management usually means having one leader organize and coordinate the efforts of a group of people to achieve a pre-set goal. Combine that term with operational risk and you can say that Operational Risk Management in our example is the ability and function to harness the thinking capacity of a team to prevent CPUs of PCs in that group of people from being wrecked by accidental use of the wrong power source. In this case, the activity that will help the group achieve that goal is to label each and every power outlet in the office so that any CPU user will know what outlet is appropriate for his CPU. It would also help to label the CPU plugs themselves with what power supply they need too.

Now that we know what Operational Risk Management is, how does Training fit in? Well, training is just educating a person, so in this department in our example, the department leader should just make it a point to educate each and every member of the group on policy with regards to plugging CPU plugs into appropriate power sources.

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