Operational Risk management never stands still. New themes keep emerging, from changing expectations on the core skills and capabilities of Operational risk professionals to incorporating ESG into the Operational risk framework.
Learning objectives
Operational Risk management never stands still. New themes keep emerging, from changing expectations on the core skills and capabilities of Operational risk professionals to incorporating ESG into the Operational risk framework. This interactive and practical two-day course has been structured to enable risk teams to reflect and adjust their frameworks and practices to remain at the forefront of industry developments and regulatory expectations.
The sessions will allow participants to:
- REFLECT on the core skills and capabilities of successful risk professionals
- CONDUCT a deep dive into controls, examining testing and judgmental evaluation techniques
- REVIEW how to incorporate ESG into Operational risk framework
- STRUCTURE an Operational risk maturity assessment
- EXAMINE a 3-step approach to successful risk report writing
- DISCUSS the future of Operational risk discipline, key trends, successes and 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.
Agenda – Day 1
9:00 – 10:20 Workshop 1: Core Skills and Capabilities of Operational Risk Professionals
- Industry insights: Changing skills and expectations of risk professionals
- Challenging role of 2nd line Risk: being ‘in the middle’
- Examining Risk personalities – the drifter, the diminisher, the multiplier
- Tone from the Top and tune from Risk Department
- From risk administration to risk management
- How to invest in your teams: Key skills and capabilities of successful risk professionals
10:40 – 12:00 Workshop 2: Deep Dive into Controls
- RCSAs: approaches, practices and measures of success
- Understanding Risk: failure of a control is not a risk
- Controls: formulation, types and key attributes
- To test or not to test: Judgemental evaluation vs testing
- Assurance mechanisms: spot checks, deep dives, thematic reviews
- Roles and responsibilities: 1st Line or 2nd Line control testing?
- Live poll and discussion: RCSA experience, successes and challenges
12:50 – 14:10 Workshop 3: Board and Committee reporting: Excel in Delivering a Story
- Understanding how the boards function and the ‘why’ of reporting
- Good corporate governance principles and BCBS 239: key take-aways
- Excel in delivering a story: 3-step process for successful report writing
- Review of industry Operational risk report examples: good and not so good practices
- Bring your report: receive immediate and constructive trainer and group feedback
- Discussion: Operational risk reporting 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 1: Spotlight on ESG: Incorporating S and G into Operational Risk processes
- Recap on the E: already incorporated?
- Social risks and factors: definitions, examples and link to taxonomy
- Governance risks and factors: definitions, examples and link to taxonomy
- Connecting the dots: triangulating between HR, Compliance and Risk
- Live poll and discussion: Integrating ESG into Operational Risk Framework
10:40 – 12:00 Workshop 2: Conducting Embedding and Maturity Assessment
- Understanding the journey to maturity: 3-step maturity ladder
- Approaches to conducting maturity assessments
- Are practices embedded? Framework-based evaluation
- Effective ways of engaging the business
- Risk department strategy meeting: mapping out point of arrival
- Live poll and discussion: embedding Operational risk management
12:50 – 14:10 Workshop 3: Future of the Operational Risk Discipline
- Integrating Cyber, Third-party and Operational Resilience with traditional Operational risk management
- Discussion topic: Are Operational risk tools fit for fintech space?
- Examining the relationship and developing partnership with other 2nd line functions: Compliance, Information Security/Cyber, TPRM
- Discussion topic: Is Operational risk disintegrating?
- Live poll and group work: trends, successes and challenges of the future
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 10 CPE’s for CIA, CRMA and Diplomert internrevisor for attending this course.
Executive Trainer Bio
Elena Pykhova is an operational risk executive specializing in strategy, design and implementation of firm-wide risk frameworks, based in London, UK. 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, the Moller Center Cambridge University and Risk.net. 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.
