Outsource your Risk & Compliance needs

Why outsource your operational risk?

A small or medium sized organisation requires a robust 1st, 2nd and 3rd line to identify, assess, monitor, manage and report operational risk. However this requires substantial investment in both people and systems.

1st Risk Solutions offers the chance to leverage operational risk expertise on an independent, flexible, cost effective basis to augment your 3 lines of defence requirements.

We provide the operational risk SMEs as resource that can be flexed to suit your current or emerging needs.

Core outsource elements

‘Business As Usual’ operational risk framework elements that can be managed by 1RS

 

Contact 1RS to discuss how we can help augment your organisation’s risk management

1st Line of Defence

Activities

  • Internal Control Testing
  • Risk and Control Self Assessment processes
  • KRI and MI collation
  • Business risk committee reporting
  • Risk event investigations
  • Targeted risk and control deep dives

2nd Line of Defence

Activities

  • Policy and framework management
  • Oversight of 1st line reviews
  • Independent control testing
  • Independent risk assessment
  • Risk committee reporting
  • Assurance of capital ratios

3rd Line of Defence

Activities

  • Audit policy and framework management
  • Audit planning
  • Audit execution
  • Audit reporting