With the increased scrutiny of the Financial Industry by regulators and the media, the focus on the implementation of a robust operational risk management framework ('ORMF') has multiplied. The 'Operational Risk: The Unquantifiable Risk' webinar sets out concepts that should be taken into consideration by financial market participants when designing an ORMF. The Webinar discusses the value of communication amongst the Board of Directors and the Three Lines of Defence as well as forward-looking approaches to risk identification and risk treatment. We see the various stages of a rigorous risk and control evaluation that our panellists also discuss. Also covered are the main aspects of ICT risk and the Do's and Don'ts to which any financial institution should pay attention from a regulatory perspective. We have seen many examples of Business Continuity Management failures in recent years and have made sure to include this sub-set to provide an overview of what a comprehensive Business Continuity Plan should entail and how to assess its efficacy. Outsourcing among financial participants is also a very popular practice, and this webinar also covers how an organization can minimize the risk of outsourcing. The aim was to provide managers who are facing operational risk challenges with key points to focus on which will prove beneficial in the long term.
Originally published 24 February 2021
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