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
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
- Security Personnel
- Fund Managers
- Legal Officers
- Bank Regulators
- Asset Management Firms’ Representatives
We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at Ph: 650 620 3961; email: firstname.lastname@example.org. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200, www.nasba.org, e-mail email@example.com.
Field of Study:
Program Delivery Method: Group-Live
Program Level: Intermediate
Advance Preparation/Program Prerequisites: Basic knowledge of finance, risk management, internal control and audit techniques.