RMA Announces New Operational Risk Management Framework, GCOR Details
Philadelphia, PA (February 24, 2020) –
The Risk Management Association has made available to its members a new Operational Risk Management Framework, updating its landmark ORM Framework originally released in 2010. Put into action, the new RMA ORM Framework will allow operational risk managers to positively influence culture, decision making, and strategy throughout their organizations.
Developed by RMA’s Operational Risk Council, the Framework is a guide to every element necessary for a robust operational risk management function—from defining responsibilities to risk assessment to escalation procedures. In addition to those areas, the Framework’s sections include: the business environment and internal control factors, risk events and loss/gain data, operational risk quantification and modeling, reporting and analysis, and mapping specific risk types to causation categories.
“RMA’s Operational Risk Management Framework is a tool that will be valuable to any operational risk team,” said Joseph A. Iraci, Chair of RMA’s Operational Risk Council and the opening speaker at RMA’s upcoming Governance, Compliance, and Operational Risk (GCOR) Conference in Cambridge, Massachusetts. “With the Framework in hand,” said Iraci, Chief Risk Officer at TD Ameritrade Inc., TD Ameritrade Clearing, and TD Ameritrade Futures and FX, “risk managers can work toward ensuring the consistency in execution that is so vital to successful operational risk management.”
“The new Operational Risk Management Framework is another example of how RMA is a standards setter and thought leader for the financial services industry,” said Edward J. DeMarco Jr., RMA’s Chief Administrative Officer, General Counsel, and Director of Operational Risk. “I would like to thank Joe and the rest of RMA’s Operational Risk Council for their work in developing it.” The RMA Operational Risk Council promotes sound practices in the management of operational risk in financial services institutions through the dissemination of methods, tools, and materials.
GCOR XIV will be held April 22-23 at the Hyatt Regency Cambridge in Cambridge, Massachusetts. GCOR is the only conference of its type developed by practitioners for practitioners, and features plenary panels and sessions designed to help you better understand emerging operational risks and best practices in governance and compliance. This year GCOR will be preceded by pre-conference round tables on Third-Party Risk Management, Culture and Conduct, and Incentive Compensation. GCOR panels and sessions will cover: change management, cybersecurity risk, end-to-end process and product review, agile risk management, board reporting, mergers and acquisitions, BSA/AML, AI and machine learning, strategic risk, reputation risk, and privacy. The keynote speaker will be a leader in the field of sustainable investing, Geeta Aiyer, President of Boston Common Asset Management and an investment manager for the Advisory Council to the UN’s Principles for Responsible Investment Initiative. For information on registration and the full agenda
Founded in 1914, The Risk Management Association is a not-for-profit, member-driven professional association whose sole purpose is to advance the use of sound risk management principles in the financial services industry. RMA promotes an enterprise approach to risk management that focuses on credit risk, market risk, and operational risk. Headquartered in Philadelphia, Pennsylvania, RMA has 1,900 institutional members that include banks of all sizes as well as nonbank financial institutions. They are represented in the Association by 18,500 individuals located throughout North America, Europe, Australia, and Asia/Pacific.
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