Creating an ORM with a Strategy Implementation Model Including Conduct Risk
Lee Werrell, Chartered FCSI FISMM Cert PFS
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The question asked by many companies is “How can we gain organic, sustainable growth?” So many companies are on a roller-coaster ride of sales targets, profit reports, staff attrition and reputation management, it is hard for them to identify their core values or a true direction.
No one person has all the answers, and no external adviser has the experiences that firm has in their specific market, but working together, using a simple methodology, we can identify their strategy and apply the risk framework to provide them with sustainable development and organic growth, getting the edge over their competition.
Starting with identification of objectives in both financial and non-financial, determining stakeholders and their impact, we can soon identify the true direction that the company should take. Once this breakthrough is made and recorded, we can work on both the internal processes and the resources (required learning and development) including outsourced and insourced functions.
We would consider the
- Mission & Vision Statements
- Strategy Map Module 1 (Outcomes – Financial and Non-Financial)
- This provides the company values and direction.
- Strategy Map Module 2 (Stakeholder Impact)
- Who, what, where and how – do we need them? Are they too intrusive or not connected enough?
- Strategy Map Module 3 – Review
- What are our Mission, Vision, Values statements? What are our strategic objectives and why?
- Strategy Map Module 4 (Internal Processes)
- Are we doing the same thing and expecting different results? Are there better ways?
- Strategy Map Module 5 (Resource/Learning & Development)
- Who, what, when, succession planning, grooming/mentors. Are our current methods supportive? Helpful?
- Strategy Map Overview
- Tying it all together. What does good look like? and How can we make it more effective?
- Assess Risk Framework & Appetites
- Are they conducive? Supportive? Realistic?
- Apply Conduct Risk Element
- Discussion on Level 3 Risk Keyword/s, Risk, Risk Event Descriptions and Potential Mitigating Actions.
- The importance of conducting Risk & Control Self/3rd Party Assessment
- Discuss the format and operation of an annual Tactical Risk Profiling (TRP) exercise to review and revise the plans as required.
- Constructing financial and non-financial objectives.
- Ensuring that the right people are onboard and they are in the right positions.
- Identification of redundant or ineffective internal processes.
- Clarification around who, how and when existing staff can add value to the ideals and direction of the company now and in the future.
- The best ways to not only deliver the product or service but also to also add a value to the performance.
- How to apply Conduct Risk View to your existing framework.
- Using Risk Appetite as a supporting element to strategy.
- Evaluating and assessing controls and their effectiveness.
- Why an annual review exercise is imperative to the company’s success.
Topics covered include:
- Balanced Scorecard Strategy Mapping.
- Balanced Scorecard Dashboards.
- Operational Risk Framework review.
- Strategy definition for individual firms.
- Vision Statement.
- Mission Statement.
- Values and ideals.
- Goals and direction finding.
- Risk Appetite definition.
- Applying Conduct Risk overlay to existing risk framework.
- Risk & Control Self-Assessment.
- Annual Assessment and forecast preparation for Senior Management (Tactical Risk Profiling).
Who will Benefit:
All professionals who want to expand their knowledge in strategy planning and execution, specifically regulated financial services firms who are likely to be caught under the new FCA/PRA Senior Management Regime. Additionally anyone who has identified or is working on needs to address strategy implementation issues within their company as well as other business and financial professionals who want to understand how to objectivize non-financial targets within their strategies.
- Financial institution compliance
- Training department
- Business Banking.
- Business Lending
- Human Resources
- Third party hiring consultancies
- Financial Advisors
- Capital Markets
- Senior-level bankers (managing director level and higher)
- Business planners / Strategists.
- Business Execution Professionals.
- Insurance companies
- Central Banks
- Investment Banks
- Commercial Banks
- Pension funds / Hedge funds
- Leasing companies
- Fund managers
|Day 1 (8:30 AM – 4:30 PM)
||Day 2 (8:30 AM – 4:30 PM)
- 8:30 – 9:00 AM: Registration
- 9:00 AM: Session Start Time
- Introduction to course
- Structure of days/sessions/explain supporting documentation
- Understanding the process/terminology and how it all fits together
- What benefits are there to strategy implementation?
- Strategy Map Module 1 - Outcomes
- Financial Outcomes
- Non-Financial Outcomes
- Establish values and ideals
- Strategy Map Module 2 – Stakeholders
- Just who are we trying to satisfy here and in what capacity?
- Who are our customers?
- Who are we responsible to?
- How do these flow into our objectives?
- Strategy Map Module 3 – Review
- What over-arching statements have we created?
- What are our Mission, Vision, Values statements?
- What are our strategic objectives and why?
- Is there anything we have missed?
- Strategy Map Module 4 – Internal Processes
- Establish values and ideals/objectives.
- Relationship to stakeholders?
- Strategy Map Module 5– Resources/Learning Objectives
- In an ideal world.
- Staff training and development?
- Rising stars?
FDA Safety Reporting Requirements – Best Practices to Meet Them Efficiently
- Strategy Map Overview
- Tying it all together.
- What does good look like?
- Next steps
- Assess Risk Framework
- is your existing Risk Framework FFP?
- Are there any inert areas of risk?
- Are there any hotspots?
- Understanding the process/terminology and how it all fits together
- Your “Conduct Risk” Framework
- “Conduct Risk” challenges.
- What are the specific “Conduct Risk” elements to assess?
- Example level 3 risks, risk events and mitigating actions – discussion.
- Importance of thorough Risk & Control Self-Assessments (RCSAs).
- Identifying the controls and assessing their design and effectiveness.
- Discuss component parts of Control Assessment form.
- Annual Tactical Risk Profile exercise.
- Facilitation by 3rd party.
- Summary and close
Meet Your Instructor
Chartered FCSI FISMM Cert PFS
Awarded Chartered Fellowship of the Chartered Institute for Securities and Investments in 2011 Lee delivered a presentation to the British bankers Association in Jan 2013 on “Responding to a S166 Requirements Notice and managing the Risk Mitigation Program”. In the last 12 months has been involved in setting up a bank, implementing a conduct risk framework for a large financial institution and developing online products including much Social Media and its application in Financial Services, delivering a talk at the “Provider’s Forum” in September. Previous to that, working with IFAs in RDR preparation including strategy, systems and controls, sales processes and cultural changes. Previous to that been involved in risk design and delivery for RMP deliverables for ICAP and providing compliance advisory assistance to Standard Bank working closely with the regulators for POTAM and DTR reporting. Lee has written and published a “Compliance Manager’s Guidebook & Reference”, “Business Risk Analysis & Management System” and more recently the “Conduct Risk” book both in print and EBooks and for the Amazon Kindle.
Lee also writes for the IFA Magazine under the banner of the “Compliance Doctor” and in September 2011 had a substantial piece published on UCIS and IFA impacts and another in October 2013 on “Conduct Risk”. Lee is aware of the contemporary regulatory territory. He has provided departmental compliance readiness to a major high-street bank, working with their direct sales force sales quality assurance and scoring system and dealing with external provider platform systems that interfaced with the retail banking systems to provide ease of use for advisers and customers.
In 2008 he was the principle compliance consultant involved in setting up a Nigerian Sponsored Bank from application submission through to authorisation which included many of the peripheral negotiation and due diligence required in the provision of services to the bank including AML software and operational risk assessment as well as business continuity.
Lee implemented major changes to a nationwide retail banks FS sales-force (c1000 persons) in both sales practice and management/monitoring/T&C. Working with a major insurer, He has performed governance advisory work on multi company mergers ensuring the governance and risk framework transferred seamlessly and adopted the best practices from each.
Lee has designed and implementing a global Operational Risk Controls Framework for an Inter-Dealer broker as well as a multi-jurisdiction banking group and installing the risk reporting tool for staff to update the risk profile of the bank as well as devising strategy, planning and execution of a successful Business Continuity Plan test with full Disaster Recovery site involvement has kept Lee busy in recent years. He was also involved in helping set up a risk matrix and compliance controls for a foreign sponsored bank in 2008. Working with both IT and operations, Lee implemented all controls and process mapping, all protocols, prepared the policies, procedures, designing and delivered training in preparation for regulatory approval, and even assessed a general insurance call centre for TCF. Originally trained under the Project Managers Planning Tool (PROMPT) Project Managers methodology, he has had over 30 years of PM experience.
Chartered Fellow of Chartered Institute for Securities & Investment
Fellow of Institute of Sales & Marketing Management
Diploma in Investment Compliance - CISI
FPC I, II & III
Diploma in Operational Salesmanship
Published author of compliance and risk books
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