operational risk online course - Blog - Global Risk Community2024-03-28T15:56:43Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/operational+risk+online+courseMastering Operational Risk Management Course - All Your Questions Answered (FAQ)https://globalriskcommunity.com/profiles/blogs/operational-risk-management-course2019-10-07T08:54:20.000Z2019-10-07T08:54:20.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><font face="verdana, geneva, sans-serif"><span><a href="http://globalriskacademy.com/courses/orm" target="_blank"><br /></a> This is just a quick reminder to share with you about the VIP invitation to the </span></font><strong>Mastering Operational Risk Course </strong><span><span><a href="http://globalriskacademy.com/courses/orm?product_id=28955&utm_campaign=custom_email&utm_medium=email&utm_source=student_mailer" target="_blank"><span>http://globalriskacademy.com/courses/orm</span></a></span></span><br /> <br /> <span><span>We've got many questions about this course<strong> </strong>so I wanted to answer them here <strong>before we run out of the 100 licenses limit for the RISKID tool for this year</strong>. </span></span><br /> <a href="http://globalriskacademy.com/courses/orm" target="_blank"><img src="{{#staticFileLink}}8028253681,original{{/staticFileLink}}" width="320" class="align-right" height="240" alt="8028253681?profile=original" /></a><br /> </p>
<p><span><span><strong>Q:</strong> “Does this course include only theory?”</span></span></p>
<p><span><span><strong>A:</strong> Absolutely not. You will learn many practical skills which you can apply immediately, for example, on how to conduct RCSA or Risk Self Assessment. You will be given practical KRIs to use, Risk Inventory Template and an Example of Crisis Management Plan.</span></span></p>
<p><span><span><strong>But what is most important and unique for this course</strong> is that you will be given <strong>a 6-month complimentary access</strong> to the <strong>Modern Enterprise Level Risk Tool - RISKID</strong>. So you can start implementing your theoretical knowledge gained during your study of the course material in the practice, creating actual assessments, analyzing and monitoring your risks.</span></span><br /> </p>
<p><span><span><strong>Q:</strong> “Can I take this at my own pace or do I have to follow a schedule?” </span></span></p>
<p><span><span><strong>A:</strong> <strong>This class is a “take-at-your-own-pace” class</strong>, where you will be able to study materials and work on quizzes at your convenience. And you’ll have lifetime access to review them anytime you want. The course can be accessed via any device, so if you have to spend hours in public transport, it will save you a lot of time and money.</span></span></p>
<p><span><span>You can decide what content you want to start with, when you'd like to start and when you'd like to finish.</span></span><br /> </p>
<p><span><span><strong>Q:</strong> “How much material is in this course?” </span></span></p>
<p><span><span><strong>A:</strong> There are powerpoint presentations, PDFs, word documents, and several pieces of material that will take in total about a few days to study and understand. Then, you will have to go through 2 quizzes, each consisting of approximately 20 questions.</span></span></p>
<p> </p>
<p><span><span><strong>Q:</strong> Will I be able to get my complimentary 6-month access for the RISKID tool?</span></span></p>
<p><span><span><strong>A:</strong> There are still licences available for a quick decider. </span></span></p>
<p> </p>
<p><span><span><strong>Q:</strong> What can I do with RISKID software? </span></span></p>
<p><span><span><strong>A:</strong> RISKID is a modern risk assessment tool for organizations and projects that allows full support in identifying, analyzing and assessing risks.</span></span></p>
<p><span><span>It offers the possibility to monitor the risk analysis process and periodically make adjustments based on the latest developments and insights.</span></span></p>
<p><span><span>You will be able to create actual assessments, analyze and monitor your risks.</span></span></p>
<p><span><span>The clients include such large and diverse customers like Arcadis, ProRail, Erazmus University and more.</span></span></p>
<p><span><span>RISKID is very flexible. It can be configured to support various risk management standards, such as ISO 31000, RISMAN, COSO, INK-model, FMEA, HSSE, PRINCE2 or Solvency II. </span></span></p>
<p><span><span> </span></span></p>
<p><span><span><strong>Q: </strong>What if I am unhappy with the course?</span></span></p>
<p><span><span><strong>A: </strong>We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a refund.</span></span></p>
<p><span><span> </span></span></p>
<p><span><span><strong>Q: </strong>Who should participate?</span></span></p>
<p><span><span><strong>A:</strong> Risk officers, VPs, MDs, heads of departments, CFOs, CRO, analysts, operational and risk management staff from financial services industry – banks, ins. companies, pension funds, consultancies and software vendors operating in these industries.<br /> <br /> Other industries will also benefit from the course as well as </span></span><span><span>aspirant managers trying to reach the positions above. </span></span></p>
<p><span><span> </span></span></p>
<p><span><span><strong>Q:</strong> Will I be able to ask questions inside the learning platform?</span></span></p>
<p><span><span><strong>A:</strong> Absolutely, you will be able to collaborate with both the author and other students, ask questions and make comments.</span></span></p>
<p> </p>
<p><span><span><strong>Q: </strong>Are there any testimonials from past students?</span></span></p>
<p><span><span><strong>A:</strong> Yes, there are many positive testimonials available on the course page.</span></span></p>
<p> </p>
<p><span><span><strong>Q: </strong>Will I get a Certificate after I complete the course?</span></span></p>
<p><span><span><strong>A: </strong>Upon successful completion of all quizzes and exercises you will get a <strong>Certificate of Completion from Global Risk Academy.</strong></span></span></p>
<p><span><span><strong> </strong></span></span></p>
<p><span><span>If you're still interested in the course, click on the link below, join the course here.</span></span></p>
<p><span><span><a href="http://globalriskacademy.com/courses/orm" target="_blank"><span>Click Here to join the Mastering Operational Risk Course</span></a><span> </span></span></span></p>
<p><span><span> </span></span><br /> </p>
<p><span><span>Regards and happy learning.</span></span></p>
<p><span><span>Boris Agranovich</span></span></p>
<p><span><span>Global Risk Community, Founder </span></span></p>
<p><span><span>p.s. If you have any questions you don't find answers on the <a href="http://globalriskacademy.com/courses/orm?product_id=28955&coupon_code=INTRO" target="_blank">course page</a>, write to <a href="mailto:info@globalriskconsult.com" target="_blank">info@globalriskconsult.com</a> - I'm happy to help.</span></span></p>
<p> </p>
<p><span><span><strong>p.p.s.</strong> If you have already taken this course and want to get 6-month access to the RISKID, please purchase any course on Global Risk Academy - <a href="http://www.globalriskacademy.com/" target="_blank">www.globalriskacademy.com</a> , send the receipt back to <a href="mailto:info@globalriskconsult.com" target="_blank">info@globalriskconsult.com</a> and we will arrange for your 6-month license.</span></span><br /> </p>
<p></p></div>7 Steps To Take Control Of Operational Riskhttps://globalriskcommunity.com/profiles/blogs/orm7steps2017-05-27T08:00:00.000Z2017-05-27T08:00:00.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><span class="font-size-3" style="font-family:verdana, geneva;"><a href="http://globalriskacademy.com/p/orm" target="_blank"><img width="300" src="{{#staticFileLink}}8028258265,original{{/staticFileLink}}" class="align-left" alt="8028258265?profile=original" /></a>A lesson many businesses learn the hard way is that in today's ever-changing and complex regulatory and political environment operational risks appear to be increasingly exponentially. In order to take control of Operational Risk leaders of the company and risk managers need to have the answers to many questions. Can I profitably grow my business? How do I effectively monitor my outsourced activities? Am I paying enough attention to the risk I am taking on?</span><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;">With every business having its own risk tolerance there is no common approach or framework to operational risk management. However, following these 7 steps to take control of operational risk, most companies can meet their fiduciary and regulatory responsibilities.</span></p>
<p><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>Operational Risk Management</strong></span><br />
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<span class="font-size-3" style="font-family:verdana, geneva;">Operational Risk Management (ORM) sets the framework for managing operational risks such as product liability, information security, IT system failure, frauds and even natural disasters. The ORM team performs analyses on operational risks and monitors operational risk loss and capital.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">Operational risks relate to areas such as integrity and fraud, crime prevention, human resources management, information and communications technology, information security (including the risk of innovative multimedia), business continuity management, physical security, and outsourcing.</span><br />
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<span class="font-size-3" style="font-family:verdana, geneva;">Operational risk management as the function and as the process is at the crossroads.</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">On the one hand, you have this heightened risk profile or the perception that financial institutions around feel the pressure on that side. And at the same time regulators are heightening their expectations of financial institutions in terms of the processes to have in place; the governance, the data that they're supposed to be gathering and just the overall efficiency of the risk management process.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">That translates to a lot of pressure on the operational risk function and on the process itself:</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">to be more efficient,</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">to help prevent or at least detect in the advance the next big operational risk event;</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">to do more with less;</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">to help institutions really meet their regulatory obligations and their regulatory deadlines.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">When you put those things together it becomes very clear that the recipe that we've used in the past has been to throw more resources at these type of problems may not work this time.</span></p>
<p><br /> <strong><span class="font-size-3" style="font-family:verdana, geneva;">There are three types of things that most organizations, most financial institutions are focusing on right now.</span></strong><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">First of all, it's <strong>making that transition from a reactive to a proactive stance in terms of risk management</strong>. It is moving away from reacting to the latest operational risk. Organizations are no longer in a position to be constantly in crisis mode so that is one big area.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">The second area <strong>is to strike the right balance between the first and the second line of defense</strong> between the business, the revenue producing side of the institution and the oversight of that institution.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">Thirdly, in order for operational risk and compliance functions to be really effective in this new environment, we have to ask themselves the question: “<strong>Do we have the right capabilities</strong> in terms of data, in terms of supporting systems, in terms of processes that they execute from a risk management perspective and, sometimes, in terms of talent.”</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">Here are two examples of projects that institutions can and should probably start thinking about today if they are not already working on them.</span><br />
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<span class="font-size-3" style="font-family:verdana, geneva;">First of all, transforming risk and control assessments, taking a new look at why we're doing these risk and control assessments. And more importantly, how we're actually executing them right. There is lots of good work happening in the industry around new approaches to risk and control assessments and projecting them in a process-based view.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">The second type of project that institutions are working on has to do with risk aggregation and reporting. It is creating both the data structures that enable that and the infrastructures that support that. It's not an easy undertaking, it takes a lot of consensus building and data model building. Ultimately, that is the price for being able to construct an integrated view of risks and exposures and for having actionable management reporting.</span></p>
<p>______________________________________________</p>
<p><em><strong>Are you interested in learning more?</strong></em></p>
<p><em><strong>Join hundreds of your peers in studying the online course:</strong></em></p>
<p><em><span class="font-size-4"><strong><a href="http://globalriskacademy.com/p/orm" target="_blank">Mastering Operational Risk: Theory and Practice in a Single Package</a></strong></span></em></p>
<p>______________________________________________</p>
<p><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>7 Steps To Take Control Of Operational Risk</strong></span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">As a financial risk manager, one of the risks you need to consider is uncertainty within your own organization. Institutional or operational risks are many – employee <span>wrongdoing</span>, computer errors, attacks (physical or cyber), for example – and too numerous to list.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">In managing operational risk, look to see how tight or loose the workplace is. Too loose a workplace leads to errors, inefficiency, bad discipline, frustration for talented employees, and damage from lazy or incompetent ones. Too tight a workplace leads to people hating their jobs, stress, and barriers to innovation; it can attract people who like to boss others around rather than do any work themselves.</span><br />
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<span class="font-size-3" style="font-family:verdana, geneva;">To help change operational risk to opportunity, concentrate on business practices that make work fun, build a useful business, meet social needs and contribute to employee career development, personal growth, and financial security.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">There is no one-size-fits-all approach to operational risk. However, by taking these 7 steps you will have more control of operational risk of your business.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>1. Evaluate the types of risk you are exposed to and to assess your risk tolerance</strong>, and then perform a top-down analysis to determine where to focus your program. Essential outputs of the program should be KRIs, KPIs, and a thorough understanding of where your organization wants to concentrate its efforts. With limited scope for automating this process, you need to invest in time and resources to perform a proper evaluation.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>2. Establish a formalized process for assessing inherent operational risk</strong> and the appropriateness of mitigating controls when the complacencies undertake significant changes. The operational risk assessments made as part of the change management process should generally be performed by the first line of defense. This risk assessment process may consider:</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">inherent risks in the new product, service, or activity;</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">changes to the compliances regarding operational risk profile and risk appetite;</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">the required set of controls, risk management processes, and risk mitigation strategies to be implemented;</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">the residual risk (unmitigated risk); and</span><br />
<span class="font-size-3" style="font-family:verdana, geneva;">changes to the relevant risk limit/threshold.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>3. Perform scenario analysis.</strong> It is a process of identifying potential operational risk events and assessing their potential outcome and impact on company’s operations. Scenario analysis can be an effective tool to consider potential sources of operational risk and the need for enhanced risk management controls or mitigation solutions.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">In order to effectively use scenario analysis as part of a risk management program, operational risk scenarios developed should consider both expected and unexpected organizational response relative to an operational risk event or event type. If scenario analysis is used as an input into the quantification/estimation of operational risk exposure, the second line of defense review whether the chosen scenarios are appropriate and consistent with the scenario analysis program.</span></p>
<p>______________________________________________</p>
<p><em><strong>Are you interested in learning more?</strong></em></p>
<p><em><strong>Join hundreds of your peers in studying the online course:</strong></em></p>
<p><em><span class="font-size-4"><strong><a href="http://globalriskacademy.com/p/orm" target="_blank">Mastering Operational Risk: Theory and Practice in a Single Package</a></strong></span></em></p>
<p>______________________________________________</p>
<p><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>4. Cybersecurity is an important aspect of controlling your Operational Risks.</strong> With heightened regulatory pressure, cybersecurity risk is high on the radars of most managers’ and investors’ minds. Many companies have implemented internal programs such as penetration and social engineering testing. In the last few years, as regulators increasingly look to protect the industry and stay ahead of cybersecurity threats, guidance on responding to risk has been released by FINRA, the SEC, and DFS, to name a few.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>5. Take a good control of outsourcing</strong>. Outsourcing becomes more and more frequent operational risk.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;">Many companies are only worried about the top 10% of outsourced arrangements – the ones that they spend the most money on. That is not necessarily reflective of their risk profile. They may be spending millions with a global outsourcer, but it may be a small outsourcer with not-very-mature controls that is holding some key customer personal data where you suffer a loss.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">In many cases, outsourcing providers actually outsource to other organizations, so it becomes a massively complex ecosystem. Companies still have overall responsibility for ensuring that the data is controlled and secure.</span><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;">Companies need to know exactly where their customer data is held at all times and be able to present this data on demand in a portable format. That will require a thorough understanding of a complex web of relationships with various outsourcers.</span><br />
<br />
<span class="font-size-3" style="font-family:verdana, geneva;"><strong>6. Taxes should also be viewed as an operational risk, not just a compliance function.</strong> Effective risk management programs involve the C-suite regularly assessing tax risks, and reviewing local tax changes in the context of business operations. Incorporating tax into your risk management program, and engaging the organization in the tax discussion not only provides institutional buy-in but fosters an understanding of what exposures could exist for simply missing a business or tax law change.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><strong>7. The election of Donald Trump as US president, along with the UK's vote to withdraw from the European Union, have combined to push geopolitical risk into the top 7 this year.</strong> Excluding the biggest overall risk for business – the changing environment in the financial industry itself – as a strategic risk, the biggest remaining risk results from our rapidly changing world order and its implications for the financial sector.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">No company can be sure that an investment or market entry into foreign countries that makes sense at the moment will not backfire in a couple of years. To ignore this reality and not think about possible scenarios might prove very costly for international branches in the upcoming years.</span><br /> <br />
<span class="font-size-3" style="font-family:verdana, geneva;">Risk managers and company leaders should take a fresh look at their operational risk programs. Focus on the essential processes that underlie your business and the inherent risk that they drive. These 7 steps to take control of operational risk will help you get a clear oversight of your systems, processes, and people to prevent failures that lead to costly financial and reputational damage.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">I hope that this blog post will help you to assimilate risk management practices into processes, systems and culture. Please share your comments, your views and case studies on what works and what doesn't in your practice.</span></p>
<p>______________________________________________</p>
<p></p>
<p><em><strong>Are you interested in learning more?</strong></em></p>
<p><em><strong>Join hundreds of your peers in studying the online course:</strong></em></p>
<p><em><span class="font-size-4"><strong><a href="http://globalriskacademy.com/p/orm" target="_blank">Mastering Operational Risk: Theory and Practice in a Single Package</a></strong></span></em></p>
<p></p>
<p>______________________________________________</p>
<p></p></div>