2-Day Advanced Operational Risk Workshop

Back by popular demand and updated with latest industry developments, this 2-day course will enable participants to focus on the most current and topical Operational risk themes.

Learning objectives

From integrating ESG into risk framework to carrying out strategic Risk Assessments, enhancing Supply Chain resilience and establishing robust GenAI governance, the course will aid attendees to adjust their practices and future proof Operational risk management.

Both days have been structured to provide the delegates with crucial knowledge as well as ample opportunities for group work and discussion, to address emerging themes and benchmark solutions with peer firms. The course will summarize key findings from Elena Pykhova’s extensive industry research reflected in her best-selling book, outlining key challenges faced by Operational risk professionals and providing a recipe for continued success. In a complex and interconnected risk landscape, what does it take for risk managers to remain current and firmly hold the position of Trusted Board Advisers?

The sessions will allow participants to

• MASTER Risk Assessments, address executive audience and facilitate strategic workshops
• REFLECT on practical ways of incorporating ESG into OpRisk Framework
• REVIEW the role and mandate of the modern Operational Risk Manager
• EXAMINE how to enhance the resilience of your Supply Chain
• EVALUATE your Operational risk framework and benchmark it with peers
• CONDUCT a deep dive into effective Key Risk Indicators
• EXAMINE effective GenAI Governance structures
• DISCUSS top Operational risks and priorities, current and future challenges
• REVIEW practical examples, case studies and industry benchmarks
• INTERACT with fellow-practitioners and
• BENCHMARK the maturity of approaches against peers

This essential course is packed with practical tips and hints and ends with Make A Difference discussion, where attendees share their take-aways that will make a real difference to their organization.

Participants can choose to attend one day or both days of the course. For one day the price is NOK 4 500, both days NOK 8 200.

To promote group interaction and engagement, an optional dinner will be arranged on Tuesday afternoon.

Agenda – Day 1

9:00 – 10:20 Workshop 1 Overview: OpRisk Framework and its evolution

• Overview of an effective Operational Risk Framework: what does good look like?
• Industry research: OpRisk tools and their uneven pace of evolution
• Back-testing: effective use of data in storytelling
• Spotlight: Key Risk Indicators (KRIs) and their role in the Risk Framework
• Practical session: designing effective KRIs that help in decision making
• Discussion: Has the framework changed with GenAI tools?
• Live poll and group work: OpRisk Framework, its successes and challenges

10:40 – 12:00 Workshop 2: Incorporating ESGaspects into OpRisk Framework

• Latest industry guidance, regulatory divergence and progress in implementation
• Organisations’ approach to E,S and G risk management
• Incorporating ESG into Operational risk taxonomy: what are risks, and what are causes?
• Spotlight: Data analysis, Climate risk appetite, Third-parties and ESG
• Live poll and discussion: Creating an impactful ESG risk management program

12:50 – 14:10 Workshop 3: Enhancing Supply Chain Resilience

• Third-party Risk Management within the OpRisk Framework
• Connecting TPRM and Resilience: BCP, Escrow Agreements, Exit planning and Testing
• Establishing transparency across the chain: 3^rd, 4^th and nth parties
• Increased testing intensity: from reviews to joint exercises and simulations
• Changing mindsets by developing customer-centric mentality
• Practical exercise: Developing 3^rd party testing program
• Live poll and discussion: TPRM as an area of focus, successes and challenges

14:30 -15:00 Day 1 Wrap-up

• Conclusions and key take-aways from the day
• Any remaining questions answered
• Make a Difference: Next steps and building an individual action plan

Agenda – Day 2

9:00 – 10:20 Workshop 4: Role of the Modern Risk Manager

• Changing mandate and expectations of modern risk professionals
• Effective role and its boundaries: interactions with 1^st line control groups and other 2^nd line units
• Collaboration and Communication: building a strong risk culture on the pillars of Authority, Opinion and Engagement
• The importance of Tone from the Top and Tone from Risk, Compliance and Internal Audit
• Behavior in and outside of the workplace: where do we draw the line?
• Behavioural science: Team assessments, Urgency addiction
• Live poll and discussion: Core skills and profile of the Future Risk Manager

10:40 – 12:00 Workshop 5 Mastering Risk Assessments: Step-by-Step Approach

• RCSA overview: top-down and bottom-up, vertical and horizontal
• Spotlight: Strategic risk assessments: ‘how to’ guide
• Risk formulation: capturing material, meaningful and taxonomy-aligned themes
• Step-by-step approach to effective workshop facilitation
• Measuring success: focus on tangible outcomes and actionability
• Group Exercise: Top Operational Risks Discussion

12:50 – 14:10 Workshop 6: Future proofing Operational Risk Management

• Avoiding disintegration: Mastering interconnected risks through a connected approach
• From hindsight to foresight: Applying situational awareness and advising the Board
• Moving towards Embeddedness: Establishing priorities and developing a future-state roadmap
• Spotlight on Generative AI: latest developments, risks and opportunities
• Establishing GenAI Governance, enhancing controls (EU AI Act, NIST and ISO 42001)

• Think Sharper, Act Smarter: what is needed in the next 3 years, 5 years, 10 years
• Live poll and discussion: What is the next big thing?

14:30 -15:00 Day 2 Wrap-up

• Conclusions and key take-aways from the day
• Any remaining questions answered
• Make a Difference: Next steps and building an individual action plan

CPE

You will receive 14 CPE’s for CIA, CRMA and Diplomert internrevisor for attending this training.

Executive Trainer Bio

Elena Pykhova is award-winning risk expert, author, international trainer and educator. She is the founder of a boutique risk management consultancy, The OpRisk company, specializing in risk transformation, board and executive level advice on effective operational and enterprise risk management strategy, design and implementation. Elena is an author of a best-selling book, Operational Risk Management in Financial Services: A Practical Guide to Establishing Effective Solutions, which has been also translated into Chinese. She is a renowned educator, running public and in-house training courses in the UK and internationally for world-leading organisations including the London Stock Exchange Group Academy, the Moller Center Cambridge University, and the Institute of Internal Auditors. Elena is a thought leader, influencer and founder of a prominent industry think tank, the Best Practice Operational Risk Forum. She is a former Director for Education at the Institute of Operational Risk and chair of the Expert Panel for the Association of Foreign Banks. Passionate about the discipline, she founded her training and consulting practice after 20 years of experience in senior roles at Fortune 500 companies.