ComplianceOnline

Principles for the Management of Operational Risk

Instructor: Stanley Epstein 
Product ID: 702286
  • Duration: 90 Min

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This webinar highlights the evolution of operational risk management. The principles outlined in the Bank for International Settlements (BIS) report are based on best industry practice, supervisory experience and cover three overarching themes: governance, risk management and disclosure. We will look at the practicality of these principles and the implementation factors with each of them.

Why Should You Attend:

Although financial institutions have been managing risk exposures for years operational risk management as a discipline is relatively new. The change in focus to operational risk management has been driven by a number of factors, led in the first instance by the compliance requirements of bank regulators. Regulators look to the Bank for International Settlements (BIS) to formulate position and regulatory consensus in the world.

“Principles for the Sound Management of Operational Risk” highlights the evolution of operational risk management. The principles outlined in this key BIS report are based on best industry practice and supervisory experience, and cover three overarching themes: governance, risk management and disclosure. In this webinar, we will discuss the practicality of these principles and the implementation factors with each of them. We will examine a powerful banking case study and put these Principles to the test.

Areas Covered in the Webinar:

  • Implementing Basel's “Sound Practices for the Management and Supervision of Operational Risk”
  • Principles for the management of operational risk
  • Sound operational risk governance
  • Each of the 11 Principles are examined in terms of their
    • Content
    • Meaning
    • Implementation factors
    • Responsibilities
  • Banking Case study in risk realized

Who Will Benefit:

  • Financial Officers
  • Risk Officers
  • Internal Auditors
  • Operational Risk Managers
  • Staff with roles and responsibilities in operational risk in risk management departments, businesses and central departments.

Instructor Profile:

Stanley Epstein has a Master’s in Economics, which he earned with a dissertation on financial innovation, and a Bachelor’s in Accounting. He has had extensive experience in banking and IT specifically the operations, payments, RTGS and the operational risk aspects of banking in the UK, Europe, the USA, Australia and Southern Africa. His bank-operations, payments systems, operational risk, and clearing house experience is wide ranging and includes working closely with organizations such as UNCITRAL, Deutsche Bank and CHIPS in New York; APACS, British Bankers Association, CLS and Barclays Bank in London; Crédit Agricole in France; UBS and Credit Suisse in Switzerland, the central bank in the Netherlands; Alpha Bank in Greece; the central bank in Romania; the central bank in Kazakhstan; Bank Leumi and the central bank in Israel; the Standard Bank, Clearing Bankers Association; Bankserv and the central bank in South Africa and ANZ and Commonwealth Bank in Australia.

Commencing his career at the Standard Bank of South Africa he gained a thorough grounding in all aspects of banking ranging from the bank’s branch system, back-office payments processing. He was also closely involved in the development of electronic banking at the Standard Bank. At a banking industry level he was involved in the creation and development of STRATE (Central Securities Depository) in South Africa dealing with the dematerialization, clearing and settlement of all financial instruments in that country. He also served as Vice Chairman of the South African Clearing Bankers Association’s ERAG Group (an interbank payments/operations risk initiative established to identify and eliminate operational, legal and other risks in electronic payments) and later as Chairman of the Payments Association of South Africa Operational Risk Committee.

On leaving South Africa he joined Fundtech Corporation, a leading provider of financial technology based in the US.

Topic Background:

In “Sound Practices for the Management and Supervision of Operational Risk”, published in February 2003, the Basel Committee on Banking Supervision published a framework of principles for the industry and supervisors.

Since then, banks and supervisors have expanded their knowledge and experience in implementing operational risk management. Loss data collection, quantitative impact studies, and range of reviews covering governance, data and modeling have contributed to industry and regulatory knowledge.

As a result of these changes, the BIS determined that the 2003 Sound Practices paper needed updating to reflect the operational risk management practices now in use. “Principles for the Sound Management of Operational Risk and the Role of Supervision” assimilates the evolution of sound practice, detailing eleven principles of sound operational risk management covering (1) governance, (2) risk management environment and (3) the role of disclosure. By publishing an updated paper, the BIS enhances the original sound practices framework with specific principles for the management of operational risk that are consistent with sound industry practice. This new document replaced the 2003 “Sound Practices” and became the document referenced in the Basel accords.

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