Operational risk due to people, process and system failures, or from external events, is one of the most important risk categories in many financial services firms such as investment firms, insurance intermediaries and central securities depositories.
Our team of consultants assists clients in optimising their operating capabilities across all areas of their operational risk management framework, from risk appetite statements to risk and control self-assessments to incident data collection and analysis.
Operational Risk Management Framework
The framework looks at six main areas:
- risk governance and high level risk appetite statements
- expert input from risk owners in the first line of defence
- risk register and risk and control self-assessments
- risk tolerance(s), limits and Key Risk Indicators (KRIs)
- qualifications, modelling and report
- loss incidents and near misses.
How we can help
We provide risk and regulatory advice that covers a broad range of areas of firms’ OR framework, for example we can help with:
- Review and improvement of risk and control self-assessments
- Operational risk identification, quantification and reporting for ICAAP/Solvency II purposes
- Operational loss incidents (e.g. reporting, root causes, deep dives)
- Financial crime frameworks and risk assessments
- Development of risk appetite frameworks and risk MI
- Scenario analysis and identification of emerging risks
- Effective governance and oversight of significant outsourcing arrangements.
Please get in touch with one of our consultants below today.