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Operational Risk Training

This interactive and practical two-day course has been structured to provide the delegates with a broad knowledge of core tools and concepts, as well as address new emerging themes.

Learning objectives

Operational Risk management has developed and moved a long way since its early days. With continued regulatory focus and catastrophic industry events, the discipline has become a crucial part of the boards’ and executive committees’ agenda. This interactive and practical two-day course has been structured to provide the delegates with a broad knowledge of core tools and concepts, as well as address new emerging themes.

Day 1

This day focuses on the fundamental framework components, such as Taxonomy, Risk Assessments and Key Risk Indicators. Delegates will also explore how to effectively develop an Operational Risk Appetite. These tools form the core building blocks of a successful risk management framework.

Day 2

Day two focuses on the topical issues of post-pandemic risk and control profile, risk culture as well as ESG and its integration into the Operational Risk framework. These themes require Risk teams to reflect and adjust the practices to remain at the forefront of industry developments and regulatory expectations.

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. As a special bonus, each attendee will receive a copy of the book authored by Ms Pykhova, Operational Risk Management in Financial Services: A Practical Guide to Establishing Effective Solutions. The book serves as a base for the course materials and will therefore enable continuous learning.

The sessions will allow participants to

  • DEVELOP a solid understanding of core framework tools, being RCSAs, KRIs and Appetite
  • STRUCTURE a value-added operational risk identification and assessment program
  • CONDUCT a deep dive into design and development of Key Risk Indicators
  • FIND meaningful ways to define an operational risk appetite
  • EXAMINE new themes of ESG, Risk Culture and post-pandemic Risk Profile
  • REVIEW which risks have increased and which controls have weakened post-pandemic
  • FIND meaningful ways to incorporate ESG into Operational risk framework
  • REVIEW practical examples, case studies and industry benchmarks
  • INTERACT with fellow-practitioners and
  • BENCHMARK the maturity of approaches against peers

Agenda – Day 1

9:00 – 10:20 Workshop 1: Core Building Blocks – Framework, Taxonomy and Risk Assessments

  • Operational Risk Framework and its key components
  • Designing fit-for-purpose Taxonomy
  • Risk Assessments: Departmental, Strategic, Process-based
  • Understanding Risk: Failure of a control is not a risk
  • Controls: Types, Assessment and Testing
  • Measures of Success: What works and what doesn’t
  • Live poll and discussion: RCSA experience

10:40 – 12:00 Workshop 2: Key Risk Indicators

  • What are KRIs and why are they needed
  • Practical examples of indicators and their value-add
  • Developing KRIs: root cause analysis
  • KRI useful or useless? Attributes of good indicators
  • Setting thresholds
  • Aggregation: judgement- and rule-based
  • Live poll and discussion: KRI experience

12:50 – 14:10 Workshop 3: Operational Risk Appetite

  • Split opinions: is there return-on-investment from taking Operational Risk? 
  • Three-step approach to developing Operational Risk appetite
  • Expressing the appetite using essential tools
  • Group Study: evaluation of Appetite Statements expressed by peer firms
  • Live poll and discussion: Appetite experience

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: Impact of COVID-19 on Risk and Control Profile

  • Impact of COVID-19: increased risks, weakened controls
  • Top and Emerging Operational Risks
  • Guidance on how to define the horizon scanning process
  • Examples: emerging risks financial services firms should have on their radar
  • Industry benchmark: Top and Emerging risks
  • Live poll and discussion: Top and Emerging risk process

10:40 – 12:00 Workshop 2: Spotlight: Risk Culture, Conduct and People Risk

  • Risk culture as a key factor in successful risk management
  • Culture assessment: 5 aspects model
  • Conduct risk: definition and management
  • Focus on employees: the role of Risk teams in managing People risk
  • Discussion: Risk Culture, Conduct and People risk – successes and challenges
  • Live poll and lessons learned

12:50 – 14:10 Workshop 3: Incorporating ESG into Operational Risk Framework

  • Tackling the E: a cause or a risk in its own right? 
  • Framework, roles and responsibilities: Who is accountable?
  • Use of Scenario Analysis in evaluating the impact
  • Examining S and G: Less progressed as compared to E, but also developing
  • Group Study: evaluation of approaches adopted by peer firms
  • Live poll and discussion: ESG Successes and Challenges

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

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.

Pricing

Both days: Members of IIA: NOK 8 100, non-members NOK 9 100
One day: Members of IIA: NOK 4 300, non-members NOK 5 300

The first day we will cover fundamental components and if you are well known within the operational risk management field, you can join day two only. You also have the option of participating in day one only.

CPE

You will receive 6 CPE for CRMA, CIA and Diplomert internrevisor for each day.

Operational risk training