“Implementing a Basel III and COSO Compliant Operational Risk Management Program”- This course is approved by NASBA (National Association of State Boards of Accountancy). Seminar attendees are eligible for 16.5 CPE credits upon completion of training.

Course Description:

Recent scandals as well as legal and regulatory actions against major financial institutions, which resulted in multi-billion losses, have highlighted the need to maintain a robust operational risk management program. Additionally, both federal and state regulators expect financial services companies to demonstrate that they have a credible operational risk management program in place, which is commensurate with the size and complexity of the institution, and compliant with the latest norms and standards, including Basel III, Sarbanes-Oxley, COSO, Solvency II and ORSA.

This two-day workshop will take participants through the process of implementing and establishing a Basel III and COSO compliant operational risk management program. It will detail and discuss:

  • Definition of Operational Risk
  • Principles for the Sound Management of Operational Risk (Basel Committee on Bank Supervision)
  • Operational Risk Management Framework, Policy, Governance and Organization
  • Risk Capacity, Tolerance and Appetite
  • Risk and Control Taxonomy
  • Risk and Control Self-Assessment
  • Key Risk Indicators
  • Loss Event Data Collection and Analysis
  • Scenario Analysis
  • Emerging Risks/New Products/New Initiatives
  • Third Party Providers/Outsourcing
  • Issue Tracking and Resolution
  • Operational Risk Capital

Seminar Fee Includes:

AM-PM Tea/Coffee
Seminar Material
USB with seminar presentation
Hard copy of presentation
Attendance Certificate
$100 Gift Cert for next seminar

Learning Objectives:

Participants will gain a detailed understanding of the following topics:

  • How to develop a comprehensive operational risk management program designed for financial services companies such as banks, securities brokers, asset management companies and insurers, and compliant with major standards and regulations.
  • How to develop an effective risk and control self-assessment process to identify, assess and mitigate key operational risks, a loss event database to collect, analyze and report operational risk incidents and a key risk indicator program to track objective information on risk exposure and control effectiveness.
  • How to analyze scenarios involving extreme events and to estimate the probability of occurrence and potential impact of these events.
  • How to review and assess emerging risks, new products and new initiatives such as major systems development projects, and the risks associated with third party providers and outsourcing partners.
  • How to track the resolution of control deficiencies until they are fully remediated.
  • How to calculate the capital required for operational risk.

Who Will Benefit:

  • Risk Officers
  • Compliance Officers
  • Internal and External Auditors
  • Financial Controllers
  • Operations Managers
  • Information Technology Managers
  • Auditors
  • Security Personnel
  • Fund Managers
  • Legal Officers
  • Bank Regulators
  • Asset Management Firms’ Representatives

We are registered with and adhere to the Statement on Standards for Continuing Professional Education programs of the National Registry of CPE Sponsors. Our registration number is 109066. Please check with the governing body of your license and state for specific CPE requirements. Grievances may be forwarded to the company at 650 620 3961. Grievances may also be forwarded to the National Registry of CPE Sponsors-NASBA, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417, 615-880-4200,, e-mail

Field of Study:
  • Accounting: 0.8 Credit
  • Auditing: 2.4 Credits
  • Business Management & Organization: 2.4 Credits
  • Finance: 1.2 Credits
  • Management Advisory Services: 2.2 Credits
  • Regulatory Ethics: 2.4 Credits
  • Specialized Knowledge and Applications: 3.6 Credits
  • Statistics: 1.2 Credits
  • Total CPE credits earned in this seminar: 16.5 CPE Credits

Program Delivery Method: Group-Live
Program Level: Intermediate
Advance Preparation/Program Prerequisites: Basic knowledge of finance, risk management, internal control and audit techniques.

Course Outline:

Day One (8:30 AM - 4:30 PM) Day Two (8:30 AM - 4:30 PM)

Registration Process: 8:30 AM – 9:00 AM

Session Start Time: 9:00 AM

  • Operational Risk
    • Background
    • History
    • Governance Principles
    • Current Environment
  • The Bank for International Settlements (BIS)
    • Basel Committee on Bank Supervision
    • Basel Capital Accords
    • Principles for the Sound Management of Operational Risk
  • Operational Risk Management (ORM)
    • ORM within the Enterprise Risk Management Framework
    • The COSO Frameworks
    • ORM Program Components
    • ORM Policies
    • Risk Governance
    • Risk Management Organization
  • Risk Capacity, Tolerance and Appetite
    • Risk Appetite Framework
    • Risk Policy Statement
    • Risk Resources
    • Risk Capacity
    • Risk Preferences
    • Risk Tolerance
    • Risk Appetite Statement
    • Risk reporting
  • Risk and Control Taxonomy
    • Event Categories
    • Risk Types
    • Risk Classifications
    • Control Types
    • Control Classifications
    • Issue Type
    • Issue Classifications
  • Risk and Control Self-Assessment
    • Objective Setting
    • Assessment Types
    • Risk Identification
    • Risk Assessment
    • Control Identification
    • Control Assessment
    • Issue Identification
    • Issue Assessment
    • Action Plan Development
    • Action Plan Implementation
  • Key Risk Indicators (KRIs)
    • Identifying Drivers of Operational Risk
    • Selecting Key Risk Indicators
    • Accuracy, Timeliness and Relevance
    • KRI Reporting
    • KRI Analysis and Action Planning

  • Loss Event Data Collection and Analysis
    • Expected and Unexpected Losses
    • Loss Event Identification
    • Loss Event Classification
    • Reputational Losses
    • Loss Event Reporting
  • Scenario Analysis
    • Why Scenario Analysis?
    • Objectives and Expected Benefits
    • Methodology for Selecting, Analyzing, Quantifying and Reporting Operational Risk Scenarios
    • Understanding Secondary and Tertiary Impacts
    • Understanding Impact to Reputation
    • Scenario Analysis as a Component of the Operational Risk Capital Requirement Calculations
    • Risk Response (Avoidance, Reduction, Sharing and Acceptance)
    • Reporting Results to the Board of Directors and External Stakeholders
  • Emerging Risks/New Products/New Initiatives
    • The New Product Development Lifecycle
    • New Product Development Process
    • Risk Assessment Protocol
    • New Product Review and Approval
    • Implementation
    • Post Implementation Review
  • Third Party Providers/Outsourcing
    • Vendor Risk
    • Vendor Lifecycle
    • Due Diligence Review
    • Vendor Selection
    • Transition of Services
    • Vendor Governance
    • Exit Strategies
  • Issue Tracking and Resolution
    • Creating a Central Repository of Issues and Action Plans
    • Action Plan Tracking and Reporting
  • Operational Risk Capital
    • Basel II Operational Risk Capital
    • Solvency II
    • Own Risk and Solvency Assessment (ORSA)
    • Comprehensive Capital Analysis and Review
    • Other Capital Frameworks
  • Conclusion

Meet Your Instructor:

Mario Mosse
President of MMosse Consulting, LLC

Mario Mosse has over 40 years of experience in operational risk management, internal audit and regulatory compliance at financial services companies. He is the president of MMosse Consulting, LLC, where he provides risk management advice and training to the financial services industry. Previously, he was the head of operational risk management at Prudential Financial, Inc. Prior to joining Prudential, Mr. Mosse was with The Chase Manhattan Bank, where he held several senior positions in internal audit and risk management.

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