Q. Has your operational risk management framework been in place for a number of years without having been refreshed?
Q. Has your business undergone significant organisational and strategic change?
Q. Do you ever question what value you are getting from some of the processes within your operational risk framework, and feel they are ‘tick box’ exercises with little use?
Q. Does your organisation reactively create expensive and resource-consuming programmes of work each time a new regulation hits?
Q. Do you lack confidence that you can actually rely on your existing operational risk framework and its ability to identify the appropriate risks, issues and effectively manage these?
Q. Are you worried that the framework and processes cannot support you with your personal responsibilities as per the Senior Manager Regime?
If you answer YES to any of the questions above, it is time to independently review your operational risk framework.
With increasing regulatory requirements impacting both your business processes and your operational risk management framework, it is essential that your framework not only meets regulator expectations, but can adapt to manage changing and emerging risks, supporting your organisation to execute its strategic plans in an ever evolving regulatory and risk environment.
1RS provides a swift, tailored, independent review of your operational risk framework and processes to assess all elements and its ability to meet the needs of the organisation to manage risk within appetite, and benchmark against regulator expectations and best practice.
1RS will also provide clear guidance on steps that need to be taken to achieve regulator expectations, and to achieve industry best practice.
A robust, effective operational risk management framework is not just about meeting regulatory requirements. A best practice operational risk framework can:
- Result in business process efficiencies
- Reduce headcount in 1st line risk management, but also 2nd LoD
- Lower your operational losses
- Future proof against impending regulatory requirements, thereby reducing further cost for the organisation
Once you have the appropriate operational risk tools and framework elements in place, embedding these in the 1st and 2LoD to gain maximum efficiency can take time.
With Senior Manager Regime coming into force in 2019, and increasing regulatory focus on personal accountability, NOW is the time to review your operational risk framework.
Contact 1RS to find out how we can help you.
© 1st Risk Solutions Limited- all rights reserved