One of the most difficult things that a Chief Risk Officer (and the Head of Operational Risk Management) has to do is embed and entrench operational risk management. By contrast, implementing operational risk management is straightforward although a task that can take several years. It is also easy for a regulator to spot a firm that is simply the operational risk management in order to pass regulatory requirements. After all, supervisors have up to 20 firms that they supervise and they will be very familiar with the successful (and less successful) ways of managing operational risk.
Embedding and Entrenching Operational Risk Management
The tools used in operational risk management (Risk and Control Self-Assessments; Key Risk Indicators; Event capture and analysis; and, Scenario and stress testing analysis) each have their own business benefits and we discuss these within this whitepaper.
Operational Risk Programme: Defining Risk Appetite and its defining role in managing Risk and ESG – Without disappearing down a rabbit hole
Session 5 This is a three-hour live instructor-led Zoom courses focusing on the real business value that can be obtained from using risk appetite frameworks, statements and limits. This is now even more important as firms move to manage their ESG targets using appetite to guide them. The ability to evaluate, design and monitor risk …
Operational Risk Programme: Interpreting, developing and applying stress tests and scenarios to highlight sensitivity to exceptional events
Session 4 This is a three-hour live instructor-led Zoom courses focusing on the developing and applying business focused scenarios for business benefit. Many firms did not have a pandemic in their set of scenarios when Covid-19 struck. Used with care, stress tests and scenarios can show a firm the sensitivities of its risk profile to …
Operational Risk Programme: Capturing and Using Events, Incidents and Losses – And why the Titanic really sank
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 …