orm - Blog - Global Risk Community2024-03-28T16:42:09Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/ormEvolve your Disaster Recovery program by strengthening your Operational Resilience programhttps://globalriskcommunity.com/profiles/blogs/evolve-your-disaster-recovery-program-by-strengthening-your-opera2023-11-15T10:03:57.000Z2023-11-15T10:03:57.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><p><span style="font-size:12pt;"><a href="https://www.protechtgroup.com/en-us/ebooks/the-complete-guide-to-achieving-operational-resilience?utm_medium=email&utm_source=GlobalRisk_NA&utm_campaign=Op-Res-ebook-GlobalRisk_NA-Nov2023" target="_blank"><img class="align-full" src="{{#staticFileLink}}12291889859,RESIZE_710x{{/staticFileLink}}" width="600" alt="12291889859?profile=RESIZE_710x" /></a></span></p>
<p><span style="font-size:12pt;">Hi Global Risk Community member,</span><br /><br /><span style="font-size:12pt;">In light of the Federal Reserve's new, updated guidance on operational resilience for banks and financial institutions, the need for a comprehensive operational resilience strategy to deliver operations through any disruption, with disaster recovery as a critical component, is of greatest importance.</span><br /><span style="font-size:12pt;">In partnership with Protecht North America, experts in integrated enterprise risk management, vendor risk management and business continuity, we're pleased to offer The Complete Guide to Achieving Operational Resilience. </span><br /><span style="font-size:12pt;"> </span><br /><span style="font-size:12pt;">Download the <a href="https://www.protechtgroup.com/en-us/ebooks/the-complete-guide-to-achieving-operational-resilience?utm_medium=email&utm_source=GlobalRisk_NA&utm_campaign=Op-Res-ebook-GlobalRisk_NA-Nov2023" target="_blank">Operational Resilience eBook</a> to learn about:</span></p>
<ul>
<li><span style="font-size:12pt;">The need and drivers of operational resilience</span></li>
<li><span style="font-size:12pt;">The core principles, components and framework of operational resilience </span></li>
<li><span style="font-size:12pt;">How disaster recovery and incident management fits into the operational resilience framework</span></li>
<li><span style="font-size:12pt;">Approaches to integrate purposefully designed operational resilience into your enterprise risk management (ERM) program </span></li>
</ul>
<p><span style="font-size:12pt;"> </span></p>
<div><span style="font-size:12pt;"><a href="https://www.protechtgroup.com/en-us/ebooks/the-complete-guide-to-achieving-operational-resilience?utm_medium=email&utm_source=GlobalRisk_NA&utm_campaign=Op-Res-ebook-GlobalRisk_NA-Nov2023" target="_blank"><strong>Get your copy now</strong></a></span></div>
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<div><strong>About Protecht:</strong><br />While others fear risk, we embrace it. For over 20 years, Protecht has redefined the way people think about risk management. We help companies increase performance and achieve strategic objectives by better understanding, monitoring and managing risk. <br />We provide a complete solution comprised of world-class risk management, compliance, training and advisory services to businesses, regulators and governments across the world. With our flagship SAAS platform, Protecht ERM, you can dynamically manage all your risks in a single place: Risks, Compliance, Incidents, KRIs, Vendor Risk, IT and Cyber Risk, Internal Audit, Operational Resilience, and more. We’re with you for your full risk journey.<br />Visit<a href="https://www.protechtgroup.com/en-us/?utm_medium=email&utm_campaign=Op-Res-ebook-GlobalRisk_NA-Nov2023&utm_source=GlobalRisk_NA" target="_blank"> www.protechtgroup.com </a>to learn more.</div>
<p> </p></div>Complimentary Webinar: A risk-based approach to operational resilience: When prevention isn’t always better than a curehttps://globalriskcommunity.com/profiles/blogs/complimentary-webinar-a-risk-based-approach-to-operational-resili2023-09-03T06:07:57.000Z2023-09-03T06:07:57.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><!-- [if !((mso)|(IE))]><!- -->
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<p style="line-height:125%;">Prevention is only better than a cure when you can prevent it. </p>
<p style="line-height:125%;">Our world is facing more and more large impact “grey rhino” events whether arising from climate, social, geopolitical, economic or whatever source of unpreventable events. As a result, being “operationally resilient” is no longer an option but a necessity for long-term sustainability and success. <br /> <br /> In this thought leadership webinar, Protecht’s Chief Research & Content Officer David Tattam and The GRC Pundit from GRC 20/20 Research Michael Rasmussen explore what true operational resilience really means and how the change in our global risk landscape pushes our focus more to our ability to withstand shocks, recover from those shocks and be adaptable when those shocks create a new normal. </p>
<p style="line-height:125%;">Don't think you will be able to attend? Register anyway and we will send you a recording of the webinar.</p>
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</div></div>Understand the benefits of multi-application risk management and automationhttps://globalriskcommunity.com/profiles/blogs/understand-the-benefits-of-multi-application-risk-management-and-2023-07-13T05:50:00.000Z2023-07-13T05:50:00.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><p>Hi Global Risk Community member,</p>
<p>In today's rapidly evolving business landscape, organizations are embracing new technologies to adapt to changing circumstances. New technologies expand business capabilities including process re-engineering and automation which has revolutionized the way businesses operate, making them more efficient and agile. Additionally, cloud platforms have provided universal access to applications, empowering mobile and remote workforces.<br /> <br /> However, these transformative events have also led to a shift in the threat landscape. It is crucial for organizations to be aware of the risks they face and take proactive measures to minimize the impacts on their operations.<br /> <br /> This <a href="https://www.gofastpath.com/" target="_blank">Fastpath</a> whitepaper, Managing Identity and Access Controls Across Multiple Applications, delves deep into the challenges and best practices associated with business application security in the evolving landscape.<br /> <br /> By downloading our whitepaper, you will gain valuable insights on:</p>
<ul>
<li>Overview of organizational risks in business transformation</li>
<li>How to identify key areas of organizational risk and proactively address them</li>
<li>Adoption of a comprehensive approach to risk management to drive efficiency and streamline your security processes</li>
</ul>
<p><a href="https://www.gofastpath.com/managing-identity-and-access-controls-across-multiple-applications-0?utm_campaign=CAFP-Whitepaper-Managing-Identity%26Access-Controls-Multiple-Apps-2022&utm_source=email&utm_medium=email&utm_content=GRCemail72023" target="_blank">Download the Whitepaper</a><br /> <br /> For additional resources on identity, security, and access controls sign up for our knowledge center <a href="https://www.gofastpath.com/fastpath-learning-center-resources?utm_campaign=CA-Website-Sign-up-Learning-Center-Resources-2023&utm_source=email&utm_medium=email&utm_content=GRCemailknowledgecenter2023" target="_blank">here.</a><br /> <br /> The Global Risk Team on behalf of Fastpath.</p></div>2021 Back-to-Work Operations Planning Kithttps://globalriskcommunity.com/profiles/blogs/2021-back-to-work-operations-planning-kit2020-12-10T10:00:00.000Z2020-12-10T10:00:00.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><table style="margin:0 auto;width:100%;" width="100%" cellspacing="0" border="0" align="center">
<tbody><tr><td style="line-height:1px;font-size:1px;" height="15"> <span>5 complimentary templates to help you plan and prepare for a safe return for employees</span></td>
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<tr><td style="font-size:16px;color:#56565a;font-family:Arial, Helvetica, sans-serif;line-height:20px;"><p style="margin-top:0;">COVID-19 has transformed how companies operate in ways that are likely to persist for years to come. Bringing employees back on-site during and after the pandemic is sure to be challenging.</p>
<p>Download 5 free templates to make planning managing the associated risks to your business easier.</p>
<p><strong>The Back-to-Work Planning Kit Includes:</strong></p>
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<p></p></div>How Can Operational Risk Management Add Value?https://globalriskcommunity.com/profiles/blogs/how-can-operational-risk-management-add-value2019-12-17T10:51:18.000Z2019-12-17T10:51:18.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><div style="display:none;white-space:nowrap;font:15px courier;line-height:0;"> </div>
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<p style="color:#666666;font-family:Lato, Arial, sans-serif;font-size:14px;font-style:normal;font-weight:400;letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;">Download our <span style="color:#468fb8;"><strong><a href="https://m.sai360.saiglobal.com/BW1912-eDM-GlobalRiskCommunity.html" target="_blank" style="color:#468fb8;">free White Paper</a></strong></span> to take a closer look at each part of the operational risk management process to uncover GRC software’s role and the value therein that will facilitate solid risk management activities across all lines of defense.</p>
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</table></div>Mastering 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>Simple Guide to Build a Framework to Manage Operational Riskhttps://globalriskcommunity.com/profiles/blogs/operational-risk-framework2019-04-19T07:39:04.000Z2019-04-19T07:39:04.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p>On company’s risk dashboard, the signal for operational risk should be flashing red. Over the past ten years, losses from operational risk have soared. Companies that want to achieve a sustainable and profitable business need to focus on building a framework to manage operational risk.</p>
<p><a href="http://www.globalriskacademy.com/p/orm" target="_blank"><img width="399" src="{{#staticFileLink}}8028257081,original{{/staticFileLink}}" class="align-left" alt="8028257081?profile=original" /></a></p>
<p> </p>
<p><b>What Is Operational Risk?</b></p>
<p> </p>
<p>Operational risk summarizes the risks a company undertakes when it attempts to operate within a given field or industry. Operational risk is the risk not inherent in financial, systematic or market-wide risk. It is the risk remaining after determining financial and systematic risk, and includes risks resulting from breakdowns in internal procedures, people and systems.</p>
<p> </p>
<p>This broad definition covers a myriad of non-financial risks, including conduct risk, fraud, cyber, vendor risk, privacy, unauthorized trading and information security.</p>
<p> </p>
<p><b>Building an Operational Risk Framework</b></p>
<p> </p>
<p>Operational Risk Framework is the totality of the structures, methodology, procedures and definitions that an organization has chosen for designing, implementing, monitoring risk management throughout the organization.</p>
<p> </p>
<p>The foundations include the policy, objectives, mandate and commitment to manage risk. The organizational arrangements include plans, relationships, accountabilities, resources, processes and activities.</p>
<p> </p>
<p>The risk management framework is embedded within the organization's overall strategic and operational policies and practices.</p>
<p> </p>
<p><b>Risk Universe</b></p>
<p> </p>
<p>Every organization should have a set of formal policies to manage and control of all financial and non-financial risks – the so-called risk universe.</p>
<p> </p>
<p>The risk universe is the full range of risks that could positively or negatively affect the ability to achieve long-term objectives.</p>
<p> </p>
<p>Risk Management policies provide practical direction on how to safeguard the business from events with excessive operational, financial or reputational impact.</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><b>Risk Management & Internal Control Policy</b></p>
<p><b> </b></p>
<p><a href="http://globalriskacademy.com/p/orm" target="_blank"><img width="643" src="{{#staticFileLink}}8028257272,original{{/staticFileLink}}" class="align-full" alt="8028257272?profile=original" /></a></p>
<p><b> </b></p>
<p><b>Managing Operational Risk</b></p>
<p> </p>
<p>Operational risk is the risk of losses that may occur due to inadequate or malfunctioning internal processes or systems, human error, criminal behavior or external events. Operational losses may have a direct impact (i.e. give rise to a quantified economic or financial loss) or an indirect impact (i.e. lower sales, opportunity costs or productivity losses in the future that may be hard to establish accurately).</p>
<p> </p>
<p>Operational risks relate to areas such as integrity and fraud, crime prevention, human resources management, information and communications technology, information security (including risk of innovative multimedia), business continuity management, physical security and outsourcing.</p>
<p> </p>
<p>Operational risk can be summarized as human risk; it is the risk of business operations failing due to human error. It changes from industry to industry, and is an important consideration to make when looking at potential investment decisions. Industries with lower human interaction are likely to have lower operational risk.</p>
<p> </p>
<p>Operational risk focuses on how things are accomplished within an organization and not necessarily what is produced or inherent within an industry. These risks are often associated with active decisions relating to how the organization functions and what it prioritizes. While the risks are not guaranteed to result in failure, lower production or higher overall costs, they are seen as higher or lower depending on various internal management decisions.</p>
<p> </p>
<p><b>Risk Management Cycle</b></p>
<p> </p>
<p>A strong risk culture depends equally on a strong risk management framework and staff awareness, attitude and conduct. It is therefore important that personnel understands and follows the risk management cycle.</p>
<p> </p>
<p>A strong risk culture depends equally on a strong risk management framework and staff awareness, attitude and conduct.</p>
<p> </p>
<p>It is therefore important that personnel understands and follows the risk management cycle.</p>
<p><a href="http://globalriskacademy.com/p/orm" target="_blank"><img width="533" src="{{#staticFileLink}}8028257861,original{{/staticFileLink}}" class="align-full" alt="8028257861?profile=original" /></a></p>
<p>Risk management is a dynamic process, which needs constant focus and attention.</p>
<ul>
<li>There can be no single prescription for all the times</li>
<li>Decisions have to be made at short notice</li>
<li>Positions may have to be acquired and shelved</li>
<li>Views may have to be change very often</li>
</ul>
<p>All these point out the complex nature of the risk management process.</p>
<p> </p>
<p><b>Identification</b></p>
<p> </p>
<p>Risk Management starts with identification. What risks are present or are emerging? This is more difficult than it sounds. It forces us to think about complex situations beyond our actual experience. Risks seldom occur twice in exactly the same way.</p>
<p>The leading companies have specific frameworks and tools, which enable us to identify risks.</p>
<p> </p>
<p><b>Measurement</b></p>
<p> </p>
<p>Having identified the risks you face, it is important, as far as possible, to attribute a value of those risks.</p>
<p>Some risk can be easily quantified like exchange risk, interest rate risk, and market risk. They can be measured using mathematical or statistical tools like value at risk etc.</p>
<p> </p>
<p>Some risk like country risk, operational risk, and reputation risk cannot be mathematically deduced. They can only be qualitatively compared and measured. Therefore, it is very important to identify and appreciate the risk and quantify.</p>
<p> </p>
<p>Risk measurement tools seek to capture variations in earnings, market value, losses due to default etc., arising out of uncertainties with different risk elements.</p>
<p> </p>
<p><b>Mitigation</b></p>
<p> </p>
<p>Having measured the risks you need to decide how much risk you are prepared to take.</p>
<p> </p>
<p>Mitigating business risk is meant to lessen any negative consequence or impact of specific, known risks, and is most often used when business risks are unavoidable.</p>
<p> </p>
<p>For example, an automaker mitigates the risk of recalling a certain model by performing research and detailed analysis of the potential costs of such a recall. If the capital required to pay buyers for losses incurred through a faulty vehicle is less than the total cost of the recall, the automaker may choose to not issue a recall.</p>
<p> </p>
<p>Similarly, software companies mitigate the risk of a new program not functioning correctly by releasing the product in stages. The risk of capital waste can be reduced through this type of strategy, but a degree of risk remains.</p>
<p> </p>
<p><b>Monitoring</b></p>
<p> </p>
<p>You then need to review the outcomes from the process. Risk monitoring is a major element of risk management. Generally, it is mentioned as the last element, but certainly not less important than any other element.</p>
<p> </p>
<p>Risk management is just like any other management function and therefore includes a process of organizing and planning.</p>
<p> </p>
<p>Once the basic risk management plan is in place, monitoring risk means to review and update it continuously.</p>
<p> </p>
<p><b>Easy Guide to Build a Framework to Manage Operational Risk</b></p>
<p> </p>
<p>Here is an easy step-by-step guide for organizations looking to improve their management of operational risk:</p>
<p> </p>
<p><b>1. View Risk As An Enterprise-Wide Challenge</b></p>
<p> </p>
<p>By managing risk enterprise-wide, a company will develop a unified picture for decision-makers and improve the organization’s ability to manage risk effectively. Adopting an operational risk management approach helps companies achieve greater risk reduction by optimizing resources.</p>
<p> </p>
<p><b>2. Standardize The Risk Assessment, Quantification, And Prioritization Processes Across The Enterprise</b></p>
<p> </p>
<p>This allows managers to make meaningful and better decisions regarding operational risk. Once operational risk management structure have been established by an organization adequate procedures should be designed and implemented to ensure execution of and compliance with these policies at business line level.</p>
<p> </p>
<p><b>3. Integrate Risk Awareness Into The Culture</b></p>
<p> </p>
<p>A risk management program relies on the workers to execute; if the workforce doesn’t buy in, the program will fail. An organization’s top management must identify, assess, decide, implement, audit and supervise their strategic risks. There should be a strategic policy at the board level to focus on managing risk all levels and conscious efforts should be made to ensure that these policies are communicated at all levels and across entire company. When an organization reliably and regularly applies operational discipline, a ripple effect of benefits occurs, each having the power to unleash rapid and continuous improvement as well as waves of innovation. Ideally, operational discipline becomes a part of a company’s culture, driving significantly improved results.</p>
<p> </p>
<p><b>4. Build A Standardized Framework With Controls, Escalations, And Contingency Plans To Manage Risk</b></p>
<p> </p>
<p>This allows organizations to ensure and create value for their stakeholders, employees, and customers. Consistently high-performing companies benefit from “doing it right every time,” but they then leverage their error-free operations to focus on and address other critical operational improvements within the organization that allow it to reach operational excellence.</p>
<p> </p>
<p><b>5. Collaborate Across Functional Departments To Jointly Manage Risks</b></p>
<p> </p>
<p>This allows different viewpoints to get a look at the problem, which helps to ensure risk is managed from all angles. It is important that the resulting roadmap be standardized across the company. Standardization reduces variations that can lead to ineffectiveness and ensures that every worker who is charged with the responsibility of improving a process approaches it in the same way, using the same techniques, which enables effective implementation. This prevents numerous departments, sites and functions across the company from “re-inventing the wheel,” which only adds to corporate costs.</p>
<p> </p>
<p><b>6. Utilize Software To Maximize Your Operational Risk Management Program</b></p>
<p> </p>
<p>Technology helps to sift through the reams of data and highlight important and relevant information from the useless and unnecessary. There are modern GRC tools that help you to improve compliance and gain efficiencies. Such software takes an inventory of your assets, risk factors and metrics and ‘cross-relates’ them to business processes, projects and KPIs. The result is actionable analytics and reliable, automated reporting on operational and strategic risks.</p>
<p> </p>
<p><b>7. Centralize The Storage And Dissemination Of Risk Information</b></p>
<p> </p>
<p>There are two benefits to implementing such a system: data accessibility and increased risk exposure to employees. With centralized storage, organization’s data can be consolidated and replicated to data centers for disaster recovery and long-term. Such a policy based management driven model saves companies time, money, and mitigates operational risks.</p>
<p> </p>
<p> </p>
<p>I hope that this easy guide to build a framework to manage Operational Risk will help you to assimilate risk management practices into processes, systems and culture. <span>Please share your comments, your views and case studies on what works and what doesn't in your practice.</span></p>
<p><span>______________________________________________</span></p>
<p><em><strong>Are you interested in learning more?</strong></em></p>
<p><span><em><strong>Join hundreds of your peers in studying the online course:</strong></em></span></p>
<p><em><span style="color:#000000;"><span class="font-size-4" style="font-family:verdana, geneva;"><strong><a href="http://globalriskacademy.com/p/orm" target="_blank">Mastering Operational Risk: Theory and Practice in a Single Package</a></strong></span></span></em></p>
<p></p>
<p>_____________________________________________</p></div>What are the recent trends in operational risk and GRC software?https://globalriskcommunity.com/profiles/blogs/recent-trends-in-operational-risk-grc-software2018-07-24T09:00:00.000Z2018-07-24T09:00:00.000ZGlobalRiskCommunityhttps://globalriskcommunity.com/members/GlobalRiskCommunity<div><p class="js-post-body post-body" style="margin:0px 0px 16px;padding:0px;border:0px;font-style:normal;font-weight:400;line-height:2rem;font-family:'Source Sans Pro', Helvetica, Arial, sans-serif;font-size:1.5rem;vertical-align:baseline;background:#ffffff;color:rgba(0,0,0,.7);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;">Operational risk and its supporting software play a critical role in an organization; but how can its activities add value along the way?<br /><a href="http://bit.ly/2mABK9i" target="_blank"><img src="{{#staticFileLink}}8028274681,original{{/staticFileLink}}" class="align-left" width="150" alt="8028274681?profile=original" /></a><br />Have a look at the White Paper: <a href="http://bit.ly/2mABK9i" target="_blank">Operational Risk and Supporting Software</a> and learn from recent trends in operational risk, risk management and GRC software to support risk identification, assessment, consolidation, and more.</p>
<p class="js-post-body post-body" style="margin:0px 0px 16px;padding:0px;border:0px;font-style:normal;font-weight:400;line-height:2rem;font-family:'Source Sans Pro', Helvetica, Arial, sans-serif;font-size:1.5rem;vertical-align:baseline;background:#ffffff;color:rgba(0,0,0,.7);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;"><strong>==></strong> <a href="http://bit.ly/2mABK9i" target="_blank">Learn more</a></p>
<p class="js-post-body post-body" style="margin:0px 0px 16px;padding:0px;border:0px;font-style:normal;font-weight:400;line-height:2rem;font-family:'Source Sans Pro', Helvetica, Arial, sans-serif;font-size:1.5rem;vertical-align:baseline;background:#ffffff;color:rgba(0,0,0,.7);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;"><a class="js-link post-link" href="https://www.linkedin.com/redir/redirect?url=http%3A%2F%2Fbit.ly%2F2mABK9i&urlhash=FzgF&_t=tracking_anet" target="_blank" style="margin:0px;padding:0px;border:0px;font-style:inherit;font-variant:inherit;font-weight:inherit;line-height:inherit;font-family:inherit;font-size:15px;vertical-align:baseline;color:#008cc9;text-decoration:none;background:transparent;"></a></p>
<p class="js-post-body post-body" style="margin:0px 0px 16px;padding:0px;border:0px;font-style:normal;font-weight:400;line-height:2rem;font-family:'Source Sans Pro', Helvetica, Arial, sans-serif;font-size:1.5rem;vertical-align:baseline;background:#ffffff;color:rgba(0,0,0,.7);letter-spacing:normal;text-indent:0px;text-transform:none;white-space:normal;word-spacing:0px;">What are your thoughts on this topic? Please share in the comments</p></div>Webinar Invite: Mastering Operational Risk. Theory and Practice in a single package.https://globalriskcommunity.com/profiles/blogs/webinarorm2017-06-16T10:30:00.000Z2017-06-16T10:30:00.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><span class="font-size-3" style="font-family:verdana, geneva;">I’m writing to invite you to webinar titled “ <a href="https://www.brighttalk.com/webcast/8271/260993" target="_blank">Mastering Operational Risk. Theory and Practice in a single package</a>” on <span class="aBn">June 27 at 10:00am EST</span> / <span class="aBn">15:00 BST</span>. </span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">Join me and our guest, Calvin Lee, Operations Director at RISKID, for a lively discussion as we aim to dispel confusion surrounding many of the elements of the Operational Risk framework.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><span>This </span><a href="https://www.brighttalk.com/webcast/8271/260993?utm_source=Linkedin_Post" target="_blank">webinar</a><span> is designed for both current students of the “</span><a href="http://www.globalriskacademy.com/p/orm" target="_blank">Mastering Operational Risk</a><span>” online course and for other busy risk professionals who are interested in studying both theoretical and practical applications of ORM but don’t have time to attend in-person classes.</span></span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><a href="https://www.brighttalk.com/webcast/8271/260993" target="_blank"><img width="420" src="{{#staticFileLink}}8028259096,original{{/staticFileLink}}" class="align-right" alt="8028259096?profile=original" /></a></span></p>
<p><strong><span class="font-size-3" style="font-family:verdana, geneva;">The goal is three-fold:</span></strong></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">1. Existing students will be able to ask questions to understand more on how to work with the RISKID tool and get an opportunity to ask questions about the subject matter.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">2. People who are planning to join the course will get some explanation in what is the course about, how the e-learning system works and will be able to ask questions.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">3. People who are just interested to know more about ORM</span></p>
<p></p>
<p><strong><span class="font-size-3" style="font-family:verdana, geneva;">Insightful Q&A and myth busting is anticipated and attendees can expect to learn about: </span></strong></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">1. 3 things most organizations are focusing on right now.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">2. What are the major steps to take control of operational risks.</span></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">3. How to use Collaborative Risk Management tools to conduct your ORM operations and why traditional risk management practices involving risk registers and Excel are not effective anymore.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><strong>The </strong><a href="https://www.brighttalk.com/webcast/8271/260993?utm_source=Linkedin_Post" target="_blank"><strong>webinar</strong></a><strong> will be useful for both aspiring and active Risk officers, VPs, MDs, heads of departments, CFOs, CRO, analysts, operational and risk management staff from financial services industry – banks, insurance companies, pension funds, consultancies, software vendors operating in these sectors.</strong></span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">Many financial institutions have spent millions of dollars trying to develop a robust framework for measuring and managing operational risk. Yet, in spite of this huge investment, for many firms developing a viable operational risk management (ORM) program remains an elusive goal.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">If you're not able to attend the live webinar, please signup anyway to get the recording.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><strong>Join us at the </strong><strong><a href="https://www.brighttalk.com/webcast/8271/260993?utm_source=Linkedin_Post" target="_blank">webinar</a> or copy and paste the following link to your browser <a href="https://www.brighttalk.com/webcast/8271/260993" target="_blank">https://www.brighttalk.com/webcast/8271/260993</a></strong></span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;">We welcome any questions you’d like addressed during the webinar in advance and encourage you to invite colleagues and business partners you believe will benefit by following this email.</span></p>
<p></p>
<p><span class="font-size-3" style="font-family:verdana, geneva;"><strong>I really hope you can make it! </strong></span></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 />
<br />
<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 />
<br />
<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 />
<br />
<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 />
<br />
<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 />
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<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>
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<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 />
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<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 />
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<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 />
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<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>
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<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>
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<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>
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<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>Risk management: Driving value from a long game approachhttps://globalriskcommunity.com/profiles/blogs/risk-management-driving-value-from-a-long-game-approach2011-09-26T10:28:00.000Z2011-09-26T10:28:00.000ZAndrew J Smarthttps://globalriskcommunity.com/members/AndrewJSmart<div><p>I thought I would post a quick note about a recent blog post one of our clients wrote about their risk management initiative and the benefits it has brought.</p><p>In this post, the Head of Operational Risk talks about risk management becoming invisible in the organisation and the challenges of proving (to regulators) that risk management is been undertaken if indeed it does become invisible.</p><p>I think it is worth a read - <a href="http://www.hml.co.uk/blog/2011/09/23/risk-management-driving-value-from-a-long-game-approach">http://www.hml.co.uk/blog/2011/09/23/risk-management-driving-value-from-a-long-game-approach</a></p><p> </p></div>