Showing posts with label ERM. Show all posts
Showing posts with label ERM. Show all posts

Tuesday 2 February 2021

Enterprise Risk Management - Three Lines of Defense: A New Principles-Based Approach

Across industries and time, the “three lines of defense” has been a cornerstone of operationalizing risk management programs. The Institute of Internal Auditors (IIA) provided valuable guidance regarding the three lines of defense initially in 2013, followed by updated guidance in July 2020 (called the “Three Lines Model”).

The three lines of defense represent an approach to providing structure around risk management and internal controls within an organization by defining roles and responsibilities in different areas and the relationship between those different areas. GARP has provided a detailed breakdown of the new approach. 

Get all the details here - Three Lines of Defense: A New Principles-Based Approach

Monday 28 September 2020

Online Mini-Courses

For almost 19 years Citadel Advantage has been producing high quality training courses aimed at the Governance, Risk Management and Compliance space.

We have and continue to offer a wide & comprehensive range of professional courses and training programs in the core areas of governance, compliance, operational risk management, payment & treasury systems, fintech, blockchain and operations/back office management. Our programs are mostly 2-day units with some 1-day units for shorter topics. Some programs are more involved and can run for 3, 4 or even 5-full days.

In recent times and especially since the COVID-19 crisis emerged some 6 months ago, there has been a growing demand for online programs that are much shorter and that get to heart of these issues, providing all the information you need in much shorter sessions of between 60 and 90 minutes.

With this in mind, Citadel Advantage is happy to introduce our Online Mini-Courses - short, to the point sessions that get to the nub of the issue, giving you all the information that you need at your office or home at a fraction of the cost of the typical two-day program. 

MANAGING OPERATIONAL RISK IN A SMALL BUSINESS - Click  HERE

THE A TO Z GUIDE TO MANAGING OPERATIONAL RISK - Click HERE


Saturday 6 April 2019

Online training course - ERM (Enterprise Risk Management) - Comparing COSO to ISO

This course is all about Enterprise Risk Management (ERM) standards. Risk management refers to a coordinated set of activities and methods that is used to direct an organization and to control the many risks that can affect its ability to achieve its objectives.

In this course, we look at and compare two of the most popular risk management standards - the Committee of Sponsoring Organizations (COSO) framework and the International Organization for Standardization (ISO) 31000.

This course has full CPE accreditation.

GET A 10% DISCOUNT ON THIS COURSE!
Use Coupon code CITADEL10 when registering to claim the discount.

For Details & Registrations CLICK HERE 

Wednesday 29 August 2018

Managing Operational Risk – What every professional needs to know

By Stanley Epstein

"Operational risk is probably one of the most misunderstood risks in the whole of the risk spectrum.

While risks such as “credit risk”, “liquidity risk”, “market risk” are easily understood by business and other professionals, “operational risk” is a poor relation when it comes to grasping what it really means.

The starting point, of course, is to define what we mean when we speak about operational risk.

My favourite definition is that formulated by the “Basel Committee on Banking Supervision” in its “Principles for the Sound Management of Operational Risk” (BIS - June 2011).

The definition reads;

“Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.” 
 
To read the rest of this article please visit ILLUMEO's Blog >> HERE

Sunday 22 July 2018

On-line Course - Key Elements in Managing Operational Risk

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.

This on-line training course sets out a step-by-step approach in how to manage your operational risks, 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.

Additionally we are also going to give you a great 10% course discount. Just use Coupon Code CITADEL10 when you register.

Sign up HERE for this course TODAY! 

Check out our other great on-line courses HERE

Tuesday 10 April 2018

Friday 24 November 2017

On-line CPE Certified Training Courses


Citadel Advantage is proud to be associated with Illumeo, a provider of continuing education courses and webinars.

If you are one of the millions of certified professionals in the corporate world, it's critical to you, your current job, and your future career aspirations to remain certified and continuously improve your skills. For managers it’s increasingly important to hire and retain certified professionals in critical roles.

Illumeo delivers continuing education courses and webinars of the highest quality, for over two dozen of the most popular certification types for corporate professionals, at an incredibly affordable price.

Citadel Advantage is a providing a growing range of professional courses that are being marketed under the Illumeo brand.

Most of our Citadel Advantage’s Illumeo courses carry CPE credits for CPA, CPD, CMA, CFE, CGFM, CIA, CRMA.

Citadel Advantage’s two Principal Associates, Richard Barr and Stanley Epstein are both certified Illumeo instructors.

We list below titles of our growing range of on-line courses presented through Illumeo.

If you register through ourselves we are able to offer you a great 10% discount on course fees. Just use Coupon Code Citadel10 when registering.

For more information on each course and to start the registration process simply click on the course title.

Key Elements in Managing Operational Risk

Understanding the Blockchain

Understanding Supply Chain Finance

Business Continuity Planning Risk vs Reward 

Enterprise Risk Management (ERM) - A Comparison of COSO & ISO

Foreign Corrupt Practices Act Compliance

International Trade - Part 1: Trade Finance Instruments

International Trade - Part 2 - Payment Instruments

International Trade - Part 3 – International Payment Systems

International Trade - Part 4 - Supply Chain Finance  

Principles for the Management of Operational Risk in the Financial Industry

Understanding FinTech – Part 1 (FinTech Basics) 

Understanding FinTech – Part 2 (Financial Service Functions & Innovation Clusters) 

Understanding FinTech – Part 3 (Blockchain, Bitcoin & Other Cryptocurrencies) 

Understanding Operational Risk in Financial Institutions

Globalization, Finance and the Supply Chain 

Saturday 31 December 2016

Enterprise Risk Management (ERM) training


Discover how to design and implement an effective Enterprise Risk Management system. Join Ethan Hathaway for either the On-line Distance learning session OR the In-Person courses – details and dates below.

Online, Distance Learning Blended Sessions for this course are being held between the following dates -

9 January - 28 February 2017
3 April - 31 May 2017
3 July - 31 August 2017

In Person 2-day Training Course

22/23 May 2017 - Kuala Lumpur, Malaysia
13/14 July 2017 - London

CLICK HERE FOR DETAILS>>

Monday 8 February 2016

What every Risk Manager should be asking himself

By Stanley Epstein

The whole aspect of Risk Management has taken on a much higher profile over the past few years, driven by many new factors. In the financial industry the crisis that so unpleasantly arrived on our doorstep in 2008 has been a major catalyst while other recent events such as 9/11, the Japanese Tsunami linked to the Fukushima atomic incident, hurricane Katrina and hurricane Sandy, have each, in their own way added to the knowledge of and the pressure to be more aware of risk and to take positive steps to better manage these.

One of the most important aspects of risk management lies in the creation the correct culture within the organization. In this short article I pose ten questions aimed specifically at Risk Managers. If you can answer “yes” to all of these you have created the appropriate risk management culture. The more “no’s” you have on your list the more work you need to do.


1. Have you identified the potential business risks to the organization?

The starting point of any risk management program is to obtain a clear understanding of all the potential risks that face the firm. The emphasis is on ALL the risks. Remember operational risks become business risks as well. 

2. Have you assessed the likelihood and consequence of the significant risk being realized?


There are risks and there are risks. Once you have established what risks face your organisation the next step is to determine what are the chances of such risks being realised as well as what effect such an occurrence will have on the business or operation.

3. Have you assessed those risks that could:
  • Damage your organization’s reputation?
  • Affect your organization’s market position?
  • Result in prosecution?
We often tend to focus on the financial risks only. However risks are always much wider than just the lost of income or the added expense of replacing a server. You need to give serious thought to the risks that could affect your organisation in the wider scheme of things. Reputation, market position and the threat of prosecution, just to name but three. A current example is the “horse-meat” scandal that is sweeping across Europe.

4. Have you established controls to manage significant business risks?

Of course it is impossible to eliminate all risks that the firm faces. Yet there is a very significant range of risks that your business is exposed to regularly. The starting point in managing these risks is to make certain that the right controls are in place to do just this.

5. Have you established a positive culture for controlling the risks?

Although risk represents a danger to the firm and a potential loss, risk should be seen in a positive light as an issue that you need to be aware of and that needs to be managed. A positive culture in managing risks is based on ensuring knowledge and understanding of what risk is, its implications and how it is managed or mitigated. This culture is further enhanced by ensuring that ALL the organisation’s staff receive the appropriate training.

6. Have you established a contingency plan to mitigate disaster?

What would you do, if tomorrow morning, you were faced with a situation in which you were unable to open your business? The reason why is largely irrelevant. The real disruption would be that you would be unable to open for business. Contingency planning is exactly how you would overcome this unfortunate situation and be able to continue operations/ serving your customers. Do you have a Business Continuity Management plan that covers everything? Has it really been tested? Will it work?

7. Have you established continuity management control arrangements?

Business continuity management control addresses an organization’s ability to offset interruptions to normal operations. Key elements of this include;
  • Business continuity planning – a business continuity strategy based on a business impact analysis.
  • Business continuity testing – testing and documentation of business continuity strategy.
  • Business continuity maintenance – identifies ownership of business continuity strategy as well as ongoing reassessment and maintenance.
8. Do you regularly audit compliance with control arrangements?

It is one thing to have a comprehensive set of control arrangements to help mitigate the various risks. But this does not mean that you have managed your risks effectively. Are control arrangements being complied with? Compliance auditing will help keep this in check.

9. Do you regularly review these arrangements with respect to their adequacy and effectiveness?

Nothing remains static over time. What was true today need not necessarily be so tomorrow. The same applies to control arrangements. New processes, new operations, new clients all subtly change the risks you face. And with this change comes the need to ensure that the controls that you have put in place remain adequate and effective always.

10. Do you report annually on your risk and control measures?

Is there a higher body that keeps a watching brief over the businesses risks, the risks that you manage and you control measures? Do you report regularly to someone on these issues? You should be …. and you should be doing this at the very least annually.

At the start of this article I wrote that a positive answer to each of the ten questions posed above would indicate that you, as a Risk Manager, have created an appropriate risk management culture. But culture is not enough. That culture has to lead to effective risk management. You do this in the doing, in showing positive results, in bringing down risks faced by the business, in reflecting a positive financial outcome.

Of course this is just the beginning to creating an effective risk management program. Acquiring the knowledge and the expertise is the next step on Risk Management ladder. 

Remember – risk management is a journey, not a destination!

The fun stuff is yet to come!
 
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