Advanced Operational Risk Management

After the course, participants will know about:
- Identification of emerging risks
- Risk networks rather than risk registers
- Key elements of counter-terrorism measures and physical security
- Implementing ORM: the invisible framework
- Must-know about cyber security and threats
- How to differentiate and address human errors
- How to use root cause analysis most effectively
- Influencing behaviours for better control
- All best practices in operational risk management for financial companies
- Risk Reporting and Conduct reporting
- Builing a framework for risk culture change

Dr. Ariane Chapelle is active in operational risk since 2000, with business experience acquired in managerial functions in Internal Audit and Risk Management in ING Group and Lloyds Banking Group. She is a also professional trainer with over 20 years experience in teaching academic and executive audiences. She has designed, managed and run operational risk training programmes for international banks and insurance companies and facilitated hundreds of training sessions on operational risk on every continent.

Dr. Chapelle is Honorary Reader at University College London, teaching the course: “Operational Risk Measurement in Financial Services”. She is a Fellow of the Institute of Operational Risk of which she chairs the Sound Practive Guidance Committee.

Day One: Emerging risks and the invisible framework

Session 1: Risk identification tools and emerging risks

Tools and techniques for risk identification
Exposures and Vulnerabilities
The Risk Wheel
Value drivers and reverse stress testing
Risk register: a list
Risk connectivity: network of risks
World economic forum: risk map
Emerging risks

Class Exercise: identify the network of your top risks and class feedback

Session 2: Reorganisation risk and project management

Risk due to changes and reorganisations
The trap of cost-cutting
Invisible opportunity costs
Essentials of project risk management

Class debate and sharing of best practice

Session 3: Root causes analysis – the bow-tie

Root cause analysis: tool and method
Benefits of root cause analysis: tracking the common failures and systematic patterns
Treating causes over symptoms
Bow-tie: a most effective tool to define
Preventive and corrective controls
Leading KRIs
Risk likelihood and expected impact

Exercise: apply the bow-tie to one of your incident; share the lesssons learnt

Session 4: Implementing ORM: the invisible framework

Governance of Operational Risk
1^st line and 2d line: The partnership model
Use and reuse: The Invisible Framework
Business value of ORM

Workshop: build a business case for risk management

Day 2: Behaviours and Controls

Session 1: Internal Controls: Human Error and Control Design

Slips and mistakes: Typology and causes of human errors (J. Reason)
HRA: Human Reliability Analysis and other methods
Understand and treat the causes of human error
Effective or Illusory controls
Prevention by Design

Group work: best and worst controls in the business: sharing of experience

Session 2: Cyber threats and information security

Cyber threat landscape
An old emerging risks
Key controls in cyber security
Physical and behavioural measures
Priorities in prevention
Lessons learnt from some incidents

Class debate and exchange

Session 3: Risk reporting and Conduct reporting

Modern issues on events and risk reporting: the regulator’s view
Analysing operational risk data: get insight, tell a story
Management information: the “reporting cake”
Aggregate and escalate risk information: your options
Conduct reporting: themes and details

Highlights of best practice, Group discussion and sharing of experience

Session 4: Implementing the Desired Risk Culture: a method

Defining Risk Culture
Acting on behaviours: the Influencer
Necessary conditions: willingness and ability
Risk Culture: DESIRE steps: Define – Inspire – Support – Enable – Reinforce - Evaluate
Assessing the risk culture

Group work: Plan your own culture change

Wrap-up

What have you learnt?
What will you remember?
What will you apply?

Advanced Operational Risk Management
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