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Key Risk Indicators: Tips & Tricks - 22nd March 2012

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Embedding Risk Appetite into the Strategy Process

Manigent Blog
Manigent Seven statements

Seven statements we would like our clients to make about us:

  1. “they are our strategy execution partner” 
  2. “I enjoy working with the Manigent team”
  3. “they added value from the first meeting”
  4. "they attract uniquely talented people”
  5. “their integrated approach works for us”
  6. “their project delivery is outstanding”
  7. “they are easy to do business with” 

 

 

 

Operational Risk Management (ORM)

Operational risk is, as the name suggests, about the risk arising from the operational execution of the organisations strategy. A widely used definition of operational risk is the one contained in the Basel II [1] regulations. This definition states that operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events.

Key Points

  • Develop the processes, framework and culture to manage the organisational threats and opportunities
  • Implementation of frameworks such as COSO Enterprise Risk Management framework, BS31100, ISO31000
  • Implement Operational Risk Frameworks
  • Monitor and assess operational risk via risk assessments, control self-assessments and Key Risk Indicators (KRIs)
  • Meet regulatory obligations, including Basel 3, Solvency 3
  • Respond effectively to FSA RMP and Section 166 requirements

Key Benefits

  • Reduce operational risk-related errors and losses.
  • Reduce operational costs.
  • Build a culture that can manage through a crisis. 
  • Develop the capability to enable the organisation to drive revenue through exploiting more risky market opportunities.