Operational Risk Management & Resilience

Euromoney Learning Solutions

How long?

  • 4 days
  • in person

What are the topics?

Euromoney Learning Solutions

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Read more about Operations

Operations management has recently become a crucial part of any company's framework. This complex process focuses on reducing organizational expenses ...

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Who should attend

  • Heads of Operational Risk
  • Enterprise Risk Managers
  • Operational Risk Managers
  • Operations Managers
  • Internal Auditors
  • HR officers
  • Compliance officers
  • Consultants
  • Regulators

About the course

Learn the most topical elements of Operational Risk Management and it's challenges in Finance

This course aims to help participants learn how to enhance the operational risk management and resilience capabilities of their organisations. In particular, we focus on how the recent COVID-19 disaster made plain the strategic weaknesses of most organisations insofar as withstanding and responding to surprises. While the pandemic was, by most accounts, unpredictable, the responses to it varied—often becoming the determining factor in whether an organisation survived. This course addresses these concerns by making operational risk management a strategic, forward-looking undertaking that aims to constantly position and reposition the organisation in light changing internal and external challenges. This approach breeds resilience.

After the course, participants will know about:

  • Identification of emerging risks
  • Risk networks rather than risk registers
  • Key elements of counter-terrorism measures and physical security
  • Implementing ORM: the invisible framework
  • Must-know about cyber security and threats
  • How to differentiate and address human errors
  • How to use root cause analysis most effectively
  • Influencing behaviours for better control
  • All best practices in operational risk management for financial companies
  • Risk Reporting and Conduct reporting
  • Building a framework for risk culture change
  • Leading KRIs framework for identification and design
  • Scenario analysis and assessment

Agenda

Day One

Overview:

Defining Modern Operational Risk

  • “Classic” notions and definitions
  • Modern understanding within COSO and ISO
  • Post-COVID demands on Operational Risk Management (ORM)
    • Surveys and feedback
  • What we can learn from business continuity
  • Defining resilience
  • Roadmap for the course

Session Break

Creating a post-COVID, ORM framework:

  • Investigating COSO ERM
    • Key areas of emphasis:
      • Risk management is not back-office and reactionary, but board-lead, head-office and forward-looking
      • Risk management must be closely involved with strategy setting and execution
      • Risk management involves new definitions, concepts and psychological notions
      • Risk management must be practically related to performance and KPI management

An ORM framework shaped by COSO

  • Scope must be defined by board and executive concerns
    • Review of surveys on concerns:
      • Growth
      • Responsiveness to threats and resilience
      • Handling emerging risks
      • Enhancing competitiveness

How such an ORM framework would work:

  • Dynamic notions of risk and performance introduced
  • Using the COSO ERM Process Steps for ORM
    • Establishing the strategic context
      • Cascading strategic performance
    • Identification of key risks and key risk indicators (KRIs)
    • Quantifying KRIs and Key Risks
    • Integrating and understanding impacts
      • Direct and Indirect operational events
      • Behavioural and environmental indicators and factors: Stress Testing
    • Ranking and developing a strategy for managing operational risks
    • Remedies
    • Monitoring Risks

Day Two

Technical Aspects: Data

  • Creating an infrastructure for analyzing and managing operational threats:
    • Defining operational events
    • Managing data:
      • Centralized management of data and loss events
      • Decentralized Management of data and loss events
      • Mixture systems
    • Database development
      • Distinguishing between Loss databases and Event databases
      • Capturing Direct Losses
      • Indirect losses
      • Timing issues
      • Key Risk Indicators (KRIs) and Business environment and internal control factors (BEICFs)
      • Technical issues (if time permits)
      • Loss data collection thresholds
      • Potential fixes to reporting bias

Technical Aspects: Building in Business Continuity

  • Borrowing techniques from Business Continuity Management
    • Identifying impacts resulting from disruptions and disaster scenarios
    • Specifying techniques to quantify impacts
    • Establishing “criticality” and critical functions
    • Assessing impacts over time
    • Recovery Time Objective (RTO) and Recovery Point Objective (RPO)
    • Maximum tolerable outage (MTO)
    • Identifying interdependencies

Technical Aspects: Creating Resilience

  • Develop routines, simple rules and improvisations
  • Analyze which tools you need to get different work done (or different critical functions up and running)
  • Question assumptions behind routines
  • Practice doing more with less
  • Deepen knowledge of how work fits in with whole strategy
  • Investing building expertise
  • Identify priorities
  • Learn to give up control

Day Three

Qualitative and Structural Aspects: Governance

  • Creating the board-led, governance structure
    • Chief Risk Officer and ORM head
    • Risk champions and risk analysts
    • 3 Lines and 4 Lines of Defence models
    • Defining roles for Board, Risk management, Management Team, Audit and Compliance

Qualitative and Structural Aspects: Risk Culture

  • Current risk culture must be re-examined
    • Defining “risk culture”
    • Importance in ORM
    • FSB Indicators of risk culture strength
    • Typical psychological factors in risk culture weakness: biases

Putting everything together Basel Checklist:

  1. Risk culture
  2. Operational Risk Management Framework
  3. Board of directors: implementation of operational risk management
  4. Board of directors: risk appetite
  5. Senior management
  6. Identification and assessment of operational risks
  7. Change management
  8. Monitoring and reporting
  9. Control and mitigation
  10. ICT
  11. Business continuity
  12. Disclosure

Day Four

Case Studies: Day Four is spent reviewing numerous readings and case studies assigned during Days 1 – 3, with answers discussed.

Concluding remarks and review

Experts

Maurice Ewing

Maurice is a global management consultant, former banking executive and experienced, public company board member that has worked in over 60 countries. He has been an advisor and consultant to boards and executive teams with numerous, major banks, investment banks, central banks and investment fun...

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Operational Risk Management & Resilience at Euromoney Learning Solutions

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

Read more about Operations

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