Course Description:
Recent scandals as well as legal and regulatory actions against major financial institutions, which resulted in multi-billion losses, have highlighted the need to maintain a robust operational risk management program. Additionally, both federal and state regulators expect financial services companies to demonstrate that they have a credible operational risk management program in place, which is commensurate with the size and complexity of the institution, and compliant with the latest norms and standards, including Basel III, Sarbanes-Oxley, COSO, Solvency II and ORSA.
This two-day workshop will take participants through the process of implementing and establishing a Basel III and COSO compliant operational risk management program. It will detail and discuss:
- Definition of Operational Risk
- Principles for the Sound Management of Operational Risk (Basel Committee on Bank Supervision)
- Operational Risk Management Framework, Policy, Governance and Organization
- Risk Capacity, Tolerance and Appetite
- Risk and Control Taxonomy
- Risk and Control Self-Assessment
- Key Risk Indicators
- Loss Event Data Collection and Analysis
- Scenario Analysis
- Emerging Risks/New Products/New Initiatives
- Third Party Providers/Outsourcing
- Issue Tracking and Resolution
- Operational Risk Capital
Learning Objectives:
Participants will gain a detailed understanding of the following topics:
- How to develop a comprehensive operational risk management program designed for financial services companies such as banks, securities brokers, asset management companies and insurers, and compliant with major standards and regulations.
- How to develop an effective risk and control self-assessment process to identify, assess and mitigate key operational risks, a loss event database to collect, analyze and report operational risk incidents and a key risk indicator program to track objective information on risk exposure and control effectiveness.
- How to analyze scenarios involving extreme events and to estimate the probability of occurrence and potential impact of these events.
- How to review and assess emerging risks, new products and new initiatives such as major systems development projects, and the risks associated with third party providers and outsourcing partners.
- How to track the resolution of control deficiencies until they are fully remediated.
- How to calculate the capital required for operational risk.
Who Will Benefit:
- Risk Officers
- Compliance Officers
- Internal and External Auditors
- Financial Controllers
- Operations Managers
- Information Technology Managers
- Auditors
- Security Personnel
- Fund Managers
- Legal Officers
- Bank Regulators
- Asset Management Firms’ Representatives
Note: Use coupon code 232082 and get 10% off on registration.
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