The Essentials of Managing Operational Risk

Why Should You Attend:

Operational risk is defined by the Bank for International Settlements as the “risk of loss resulting from inadequate or failed internal processes, people and systems or from external events”. These four factors; internal processes, people, systems or external events are exceptionally wide-ranging and cover virtually every element of the operations of banks and financial institutions outside of the credit and liquidity aspects.

Operational risk is intrinsic in all banking products, all banking activities, all banking processes and all banking systems. The effective management of all of these operational risks is a basic part of every financial institution’s risk management program.

Learning Objectives:

• Understand the Basel Accords requirements regarding operational risk.

• Learn operational risk techniques for assessing, managing and mitigating operational risk

• Understand the link between Operational Risk Management (ORM) theory and practice

• Receive guidance in setting-out a clear road-map on how to implement an ORM structure in practice in a banking/financial organization.

Areas Covered in the Webinar:

• Managing operational risk.

• Risk analysis.

• Risk appetite.
• Prioritizing risks based on probability & impact.
• Establishing responsibilities for risk management.

• Mapping risk strategies to categories of control.

• Designing & documenting specific controls.

• Risk measurement metrics.

Frequently Asked Questions:

1. How can management minimize legal risks?
2. Which types of COVID-19 related expenses should be classified as operational losses?

Who Will Benefit:

• Banks, Community Banks, Financial Institutions
• 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.

Stanley Epstein
Principal Associate and Director, Citadel Advantage Ltd

Stanley is a Principal Associate and Director of Citadel Advantage Ltd., Since 2001 Citadel Advantage has been working with banks and financial institutions to make them safer and more profitable, through consulting and training, specifically in the key areas of Governance, Risk Management and Compliance.

Stanley has over 40 years of banking and IT experience, 33 of which were with the Standard Bank of South Africa where during the 1990s he filled an industry level role holding several key positions including that of Chairman of the PASA Risk Committee. He also represented South Africa at two sessions, in New York, of UNCITRAL (the United Nations Commission on International Trade Law).

He holds a Master Degree in Economics and a Bachelor of Commerce (BCom.) degree, both from the University of South Africa, Pretoria.

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

More recently, he spent time in the high-tech sector as a payment systems designer and consultant to a global payments software developer.

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