Principles of Sound Management of Operational Risk von Edu Pristine

Dozent des Vortrages Principles of Sound Management of Operational Risk

Edu Pristine

Trusted by Fortune 500 Companies and 10,000 Students from 40+ countries across the globe, EduPristine is one of the leading International Training providers for Finance Certifications like FRM®, CFA®, PRM®, Business Analytics, HR Analytics, Financial Modeling, Operational Risk Modeling etc. It was founded by industry professionals who have worked in the area of investment banking and private equity in organizations such as Goldman Sachs, Crisil - A Standard & Poors Company, Standard Chartered and Accenture.

EduPristine has conducted corporate training for various leading corporations and colleges like JP Morgan, Bank of America, Ernst & Young, Accenture, HSBC, IIM C, NUS Singapore etc. EduPristine has conducted more than 500,000 man-hours of quality training in finance.
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... often relies on three lines of defence. 1.) Business line management - Business line management is responsible for identifying and managing the risks inherent in the products, activities, processes and systems for which it is accountable. 2.) An ...

... people skilled in the management of operational risk to effectively address its many responsibilities. The degree of independence will differ among banks depending upon their size. In small banks, independence may be achieved through: Separation of duties, Independent review of ...

... that is fully integrated into the bank's overall risk management processes. Principle 3: The board of directors should establish, approve and periodically review the Framework. The board of directors should oversee senior management to ensure that the policies, processes and systems are implemented effectively at all decision levels. Principle 4: The board of directors should ...

... utilises policies, processes and systems, appropriate internal controls, and appropriate risk mitigation and/or transfer strategies. Principle 10: Banks should have business resiliency and continuity plans in place to ensure an ability to operate on an ongoing basis and ...

... understand the operational risk present in the bank's strategies and activities. Develop comprehensive, dynamic oversight and control environments. Provide clear guidance and direction to the senior management regarding the principles underlying the ...

... specific policies and procedures. Assign authority, responsibility and reporting relationships to encourage and maintain accountability. Ensure effective coordination between the staff responsible ...

... a framework that is fully integrated into the bank's overall risk management processes. Factors like its nature, size, complexity and risk profile govern the framework for operational risk management chosen by ...

... establishing and monitoring thresholds or limits for inherent and residual risk exposure. Establish risk reporting and Management Information Systems (MIS). Provide for a common taxonomy of operational risk terms to ensure consistency of risk, identification, exposure rating and risk management objectives. Provide for appropriate independent ...

... used to identify and assess operational risk, Audit Findings, Internal Loss Data ...

... with policies. Appropriate segregation of duties. Traditional internal controls should be appropriate to address operational risk for example – clearly established authorities and processes for approval, safeguarding of bank assets and ...

... an integrated approach to identifying, measuring, monitoring and managing technology risks. Sound technology risk management includes: Governance and oversight controls, policies and procedures that facilitate identification ...

... of potential service providers. Sound structuring of the outsourcing arrangement. Programmes for managing and monitoring the risks associated with the outsourcing arrangement. Effective control environment at the bank and the service provider. Development ...