Recently, I posted the following in the RBPM LinkedIn Group. If you have insights you wish to share, please add a comment below or join the conversation on LinkedIn. Can anyone answer the question “What is the value of risk management?” in tangible terms i.e. what is the bottom line impact of risk management, specifically Read More
Operational Risk Management
Dear Reader, Risk Management can often be seen as a serious topic. Here is a lighter take on the topic.
A practical approach to defining indicators within an integrated ERM Framework Workshop Overview Many organisations have made considerable progress in the area of enterprise and operational risk management since the financial crisis in 2007/2008. However events over the last few years have demonstrated, and continue to demonstrate the need to make improvements in organisational risk Read More
Operational Risk & Regulation hosted a training course today, The Fundamentals of Operational Risk training Event. Our CEO & Founder, Andrew Smart lead two sessions at this event. In preparation, he prepared and makes available a presentation Governance Culture and Incentives. Please add comments below or share your comment on the Risk-Based Performance Management LinkedIn Read More
Operational Risk & Regulation hosted a training course today, The Fundamentals of Operational Risk training Event. Our CEO & Founder, Andrew Smart lead two sessions at this event. In preparation, he prepared and makes available a presentation Three Key Questions for Boards and Executives. Please add comments below or share your comment on the Risk-Based Read More
It is my view that the Strategy Map is a key tool in any risk management project. All the major risk standards such as COSO Enterprise Risk Framework, ISO31000 etc all state the business objectives are the starting point of any risk management project but don’t show you how to do this. The Strategy Map Read More
The risk of (what, where, when)….. caused by (how) ……resulting in..…(impact/consequences) It needs to include: Sufficient detail to understand what the risk is. The cause of the impact (cause) The impact to the objective (consequence) You need to be careful to avoid: Describing the risk as the potential impacts Including risks that have no impact Read More
Since we started developing the Risk-Based Performance Management approach, back in late 2006/07, we have been consistently saying that the way the financial services sector manages both strategy execution and risk management needs to be improved. Now Corven Consulting has released a research report that found Banks are 20 years behind the aviation industry in Read More
RBS WorldPay, the US payments processing arm of Royal Bank of Scotland Group, allegedly lost $9 million in a 30-minute period during a global ATM heist that involved 100 cloned cards in 49 cities worldwide. Click here for full story on finextra.com. Click here for full story from Fox.
Analytics and the application of Business Intelligence concepts to Performance and Risk Management are fundamental to the Risk-based performance methodology; therefore we would like to share with you this short video that points to the future if BI. The potential to apply this technology to performance and risk management is very interesting. Enjoy!
Why is the Strategy map such a key part of the Risk-based performance methodology? Why is the Strategy map so important for the success of operational risk projects? These are two questions that we are often asked and the answer to both questions is fundamentally the same.
To promote discussion and debate around the integration of performance and risk management, we recently posted a very simple question in the Enterprise Risk Management Association group on Linkedin.
Should organisations integrate performance and risk management?
The replies are below and I would welcome further comments/feedback.
It is important to clarify ‘the need’ for the Risk-based performance methodology. So what is the problem(s) it addresses? We see five critical needs: