Operational Risk Programme: Capturing and Using Events, Incidents and Losses – And why the Titanic really sank

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Session 3

This is a three-hour live instructor-led Zoom courses focusing on the real business value that can be obtained from capturing and analysing events and losses.

Operational risk losses are notoriously difficult to capture even though the analysis of them gives great business benefit. This course will enable attendees to benchmark their firm’s loss and event capture and analysis leading to an improved understanding of the firm’s risk profile. You will be able to compare your current capture and analysis work against the many real-life anonymised examples that will be given. The course will include a section on the analysis and use of losses and events suffered by competitors, again enabling benchmarking of the attendee’s firm to take place.

The course is based on the very successful post-graduate rated Events and Losses module of the Operational Risk Professional course which RiskLogix has run for over six years. It is suitable for operational risk professionals as well as new joiners to risk management. It is also fully aligned with those who have an interest in understanding the business benefits that can be gained through good risk management. Jargon is avoided (or explained where it is necessary to use it). No prior risk management experience is necessary, although an open and enquiring mind is essential. Questions from delegates at any time are encouraged and the course is deliberately open and participative.

You will learn:

Why differentiating between Losses, Events and Causes gives business benefit

How to use your losses and events to challenge your control assessments

Why using competitor loss data can help you internally

How other firms are reporting losses and events

How to carry out Root Cause Analysis to adjust your risk profile

Why the Titanic really sank and why Fukushima happened

Your instructor is Professor Tony Blunden who has worked in the City of London for over thirty years primarily within risk management and related areas in financial services organisations. Prior to joining RiskLogix, he spent four years as Director of Operational Risk within the Financial Services Risk Management Practice at Ernst & Young. Tony’s area of focus is the identification and development of clients’ needs in risk management.

Client consulting engagements have included advising and guiding on risk frameworks, governance and culture, risk and control assessments, indicators of key risks, loss databases and their use, scenarios and stress tests, modelling of operational risk and risk reporting as well as risk appetite, the use of six sigma, ICAAP, ILAAP and enterprise wide risk management. Risk appetite frameworks and model validation have been a particular feature of Tony’s work in the last few years.

Tony is a frequent conference and bespoke training speaker having spoken at over 150 international risk and compliance conferences. He is also a well-known author of articles, chapters and books on risk management and compliance. His previous book (co-authored with John Thirlwell) ‘Mastering Operational Risk’ sold over 12,000 copies, has been translated into Chinese and is published by FT Publishing. His new book (also co-authored with John Thirlwell) is ‘Mastering Risk Management’ and was published by FT Publishing in February 2022. He has been appointed an Honorary Professor by Glasgow Caledonian University. Tony is also a Fellow of the Chartered Governance Institute.

Tony is recognised throughout the industry as a world leading authority on operational risk and brings deep domain knowledge and the practical experience of advising a considerable number of blue chip companies on risk management.

This course is part of a series of five each of which has clear learning objectives linked to the content. At the end of each course, delegates will be expected to be able to carry out the tasks stated in the learning objectives (see each individual course details on the RiskLogix website https://risklogix-solutions.com/risk-training ).

The series answers the following common concerns of many financial services firms and focuses on the business side of operational risk management:

Why are Risk Control Self Assessments (RCSAs) not making business sense?

Why do we have too many Key Risk Indicators (KRI)s and not enough business benefit?

What is the business point in loss analysis?

Aren’t stress tests and scenarios one step too far for the business?

Is our risk appetite too quantitative, or too qualitative?

Each course is stand-alone and can be taken separately. All five courses taken together give an unequalled view of operational risk management.

Please click here for direct access to details on this course.

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