This essential masterclass provides a practical, step-by-step guide to effective Risk and Control Self-Assessments (RCSAs), a core tool of the Operational risk framework.
Outline
Conducting a refresh of RCSAs? Auditing an RCSA process? This essential masterclass provides a practical, step-by-step guide to effective Risk and Control Self-Assessments (RCSAs), a core tool of the Operational risk framework. While widely used by many firms, RCSAs are frequently perceived as a tick-box exercise simply not delivering enough value. Learn from the expert who facilitated over 100 RCSAs over 25 years; from designing the right methodology, to formulating risks and controls, to producing the final report that makes a real difference, this masterclass delivers a succinct overview of RCSA process, examining common pitfalls and providing solutions that have proven effective over time to derive the maximum value out of the exercise.
The course is based on Elena’s book: Operational Risk Management in Financial services, which enables continuous learning.
The Masterclass will allow participants to
- LEARN how to conduct risk assessments effectively
- FIND meaningful ways to formulate risks and controls
- EXAMINE the common pitfalls and find practical solutions
- DEVELOP a plan on how to make a difference in your workplace
Agenda: Mastering Risk and Control Self-Assessments
- RCSAs and their role in the Operational Risk Framework
- Why RCSAs fail and how to avoid common pitfalls
- Step 1: Designing the right approach and methodology
- Step 2: Risks – avoiding proliferation, pollution and dirty data
- Step 3: Controls – it’s all about building bridges and testing the temperature
- Engaging the audience and producing the ultimate product: 3-page report
- Measures of success: what works and what doesn’t
- Live poll and discussion: RCSA experience
- Wrap-up: Conclusions and key take-aways
- Make a Difference: Next steps and building an individual action plan
Audience
The masterclass has been designed to appeal to Risk Professionals in the 2nd Line Risk Department, 1st Line Risk Champions, Internal Audit professionals, and all individuals involved in Risk and Control Self-Assessment process or interested to learn about effective RCSA practices, including
Operational risk
Risk Champions
Enterprise risk
Compliance
Governance and Control
Internal Audit
Heads of departments
Directors and Senior Executives
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. 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, Euronext, Risk.net, 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.
