Regulators have identified three critical operational risks that are interconnected: cyber-security, the ongoing digitization of banking services, and the use of third parties to deliver critical services.
Operational risk leaders focus on covering the risk of loss from information system failures and business disruptions, human error and fraud, business process and product design defects, and legal challenges. This peer-sharing forum is a great opportunity to share best practices, technologies, emerging threats, and solutions for this complex area of banking.
Each RMA peer-sharing event agenda is a bit different, as the agenda is driven by the event’s steering committee (peer banks) and the attendee’s recommendations in advance of the meeting. However, topics will likely include:
- Identification of Major Operational Risks
- Roles & Responsibilities: Credible Challenge
- Governance responsibilities: board oversight and reporting
- Operational Resilience
- Change Management
- Mitigation of Risks Associated with New Emerging Threats
- Operational Risk Management
- Operational Risk Measurement
- Interconnectivity of Risks
- Risk Acceptance
Some of these topics are part of the Operational Risk Discussion Group and other peer-sharing agendas. The dialog at this roundtable will focus on the perspective from the second line of defense, specifically from the point of view of the Head/Director of ORM.
This event is held twice a year. The target audience includes heads of, directors, and management-level professionals working in operational risk management, their delegates, or ORM oversight, in financial institutions with $30+ billion in assets. If interested in attending, please email ORMERM@rmahq.org for consideration.