Online Mini-Course: The A to Z Guide to Managing Operational Risk

10 November 2020 - 10:00 AM PDT / 1.00 PM EDT

Are You Playing With Fire?

In this fast moving world of finance, fintech and banking, new products and processes are created every day. In doing so, our biggest threat is that we fail to consider the operational risks.

By failing to manage our operational risks, we are setting ourselves up to fail.

So, WHY do we fail so badly when it comes to operational risk?
 

We fail because;

  • We don’t really understand the operational risks
  • We don’t know how to measure and manage these risks
  • We do not know the process that we need to follow to identify and manage these risks effectively.

Mini-Course description

In this mini-course we set out a systematic approach covering the fundamental steps required to identify, manage, and mitigate operational risks. We cover key aspects of operational risk management including critical issues such as risk analysis, risk appetite, probability, impact, risk mitigation process, and prioritization.

Inadequate or failed internal processes, people and systems or external events are the key “risk drivers” in operational risk. These “risk drivers” are exceptionally wide-ranging and cover virtually every element of the operations in all forms of business and other organizations.

As our source, we draw on the financial industries approach to operational risk management as defined in the Basel Accords. The Basel view, from the definition to the process and principles used, is in the presenter's view, the neatest way of presenting a practical interpretation of operations risk management that is easily replicated for other business types and operational entities.

The effective management of all operational risks is a major component of an organization’s risk management strategy. 

Learning objectives 

  • Find out the processes used in the management of operational risk.
  • Recognize the different types of operational risks.
  • Discover the methods used in identifying and evaluating the different operational risks.
  • Discover the critical issues in managing operational risk, such as risk analysis, risk appetite, probability, impact, the risk mitigation process, prioritization and risk management responsibilities.

What this Mini-Course covers

  • What is operational risk?
  • Some examples of operations risk
  • How we classify operational risk
  • Managing operational risks
  • How do we calculate our risk appetite?
  • Managing the risk – how we choose the best solution
  • Prioritizing the risks
  • Implementing our risk management solution
  • Roles and responsibilities
  • Operational risk controls

What others have said about this Mini-Course

  • "A very detailed deep dive into the subject of Operational Risk"
  • "Good course...truly enjoyed. Great framework for anyone to manage risk"
  • "Clear and effective slides, the instructor made clear examples and the slides are structured in a meaningful way, easy to follow"
  • "A very good course with a concise and practical description of the thinking behind risk management and what it is"
  • "Slides are very well done, attention grabbing and easy to follow"
  • "This course was well prepared with excellent insights and practical examples"

Who will benefit from this Mini-Course?

  • Banks, Community Banks, Financial Institutions and their staff 
  • Financial Officers 
  • Risk Officers
  • Internal Auditors
  • Compliance Officers
  • Operational Risk Managers
  • Heads of business and operational departments
  • System developers involved with designing and building banking applications
  • Staff with roles and responsibilities in operational risk in risk management departments, businesses and central departments. 

Presenter

Stanley Epstein is a Principal Associate and Director of Citadel Advantage Ltd. Citadel Advantage works with banks, financial institutions and startups to make them safer and more profitable, through consulting and training in the banking and payments GRC (Governance, Risk Management and Compliance) areas.

Stanley has had extensive banking and IT experience, including a three-decade spell with the Standard Bank of South Africa. Additionally, over the years he has filled industry level roles, holding several key positions including that of Chairman of the Payment Association of South Africa (PASA) Risk Committee and representing South Africa at several sessions of UNCITRAL (the United Nations Commission on International Trade Law) in New York.

He holds a Master Degree in Economics and a Bachelor of Commerce Degree (with Majors in Accounting and Economics).

Stanley has had extensive exposure to banking practice and banking operations, in a number of countries including the USA, UK, South Africa, Europe and Australia. He has also acted as advisor to a number of central banks on payment systems, oversight, policy and payments and operational risk issues.

More recently, he spent time in the high-tech sector as a payment systems designer and consultant to a US based global payments software developer. He has extensive training experience in his areas of expertise.

 

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