"Implementing an Effective Operational Risk Management Program" - Seminar attendees are eligible for 16.5 CPE credits upon completion of training.

Course Description:

Recent scandals as well as legal and regulatory actions involving 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.

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 understand the current regulatory environment and state of corporate governance.
  • How to develop an effective risk appetite statement.

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

  • 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 model and calculate the capital required for operational risk, and how to conduct stress testing to ascertain the appropriateness of capital levels.

Topics Covered During the Session:

  • 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 and Stress Testing

Who will Benefit:

This seminar will provide valuable information to individuals occupying the following positions in the financial services industry.

  • Risk Officers
  • Compliance Officers
  • Internal and External Auditors
  • Financial Controllers
  • Operations Managers
  • Information Technology Managers

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, www.learningmarket.org, e-mail [email protected].

Field of Study:
  • Management Advisory Services: 7 CPE Credits
  • Economics: 2 CPE Credits
  • Auditing: 1 CPE Credit
  • Business Management and Organization: 1 CPE Credit
  • Computer Science: 1 CPE Credit
  • Production: 1 CPE Credit
  • Regulatory Ethics: 1 CPE Credit
  • Specialized Knowledge and Applications: 1 CPE Credit
  • Statistics: 1 CPE Credit
  • Social Environment of Business: 0.5 CPE Credit
  • Total CPE credits earned in this seminar: 16.5 CPE Credits

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
    • Definition of Risk and Operational Risk
    • History of Corporate Governance and its implications for risk management
    • Governance Principles and Risk Governance
    • Current Environment
  • The Bank for International Settlements (BIS)
    • Basel Committee on Bank Supervision
    • Basel Capital Accords
    • Principles for the Sound Management of Operational Risk
    • Other Significant Basel Standard and Guidelines
  • Operational Risk Management (ORM)
    • ORM within the Enterprise Risk Management Framework
    • Risk Management Organization
    • The COSO Frameworks
    • Codification of the 17 COSO Principles
    • ORM Program Components
    • ORM Policies
  • Risk Capacity, Tolerance and Appetite
    • Risk Appetite Framework
    • Risk Policy Statement
    • Risk Capacity and Resources of Risk Capacity
    • Risk Preferences, Appetite, Tolerance and Limits
    • Examples of Effective Risk Appetite Statements
    • Risk Reporting
  • Risk and Control Taxonomy
    • Basel II Event Categories
      1. Internal Fraud
      2. External Fraud
      3. Employment Practices and Workplace Safety
      4. Clients, Products & Business Practices
      5. Damage to Physical Assets
      6. Execution, Delivery & Process Management
      7. Business Disruption & System Failures
    • Risk Types and How we Categorize Risks
    • Control Types and Classifications
    • Issue Type and Classifications
  • Risk and Control Self-Assessment
    • Objective Setting
    • Risk Assessment Types and Units
    • Top down and Bottom up Assessments
    • Risk Identification and Inherent Risk Assessment
    • Control Identification and Control Assessment
    • Residual Risk Assessment
    • Issue Identification and Assessment
    • Action Plan Development
    • Action Plan Tracking and Implementation
    • Management Validation and Reporting
    • Available Methodologies and Tools
  • Key Risk Indicators (KRIs)
    • Identifying Drivers of Operational Risk
    • Selecting Key Risk Indicators
    • Accuracy, Timeliness and Relevance
    • KRI Reporting
    • KRI Analysis and Action Planning
  • Issue Tracking and Resolution
    • Creating a Central Repository of Issues and Action Plans
    • Action Plan Tracking and Reporting

  • Loss Event Data Collection and Analysis
    • Expected and Unexpected Losses
    • Loss Event Identification and Classification
    • Loss Investigation
    • External Losses and Loss Data Consortia
    • 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
    • The Black Swan and Anti-Fragility
      1. The challenges of outlier events for contingency planners
      2. Understanding a “Black Swan” event and its principal characteristics.
      3. We examine the nature of a Black Swan event
      4. Challenges for Planners, Strategists and CEOs.
      5. How can you mitigate a Black Swan event?
  • Emerging Risks
    • Major Elements of an Effective Emerging Risk Program
    • Identifying Emerging Risks and Trends
    • Analysis and action Plan Developing
    • Emerging Risk Reporting
  • New Products and 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
    • Termination Plan and Exit Strategies
    • Risk Assessment of Significant Initiatives
  • Operational Risk Capital
    • The BIS definition of operational risk
    • BIS standards for managing operational risk
    • Basel’s’ three approaches
    • Basic Indicator Approach (BIA)
    • Standardized Approach (TSA)
    • Advanced Measurement Approaches (AMA)
    • Criteria for the Advanced Measurement Approach
    • Insurance Mitigation
    • Solvency II
    • Own Risk and Solvency Assessment (ORSA)
    • Comprehensive Capital Analysis and Review
    • Other Capital Frameworks (Economic Capital)
    • Other forms of Stress Testing
  • Conclusion
    • Implementation Techniques and Challenges
    • Evaluating the Effectiveness of your Operational Risk Management Program
    • External Validation
    • Group Discussion and Key Takeaways

Meet Your Instructor:

Mario Mosse
President of MMosse Consulting, LLC

Mario Mosse has 40 years of experience in enterprise 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. Recent activities include the development and delivery of several seminars and webinars on various risk management and compliance topics to risk professionals in the United States and Latin America.

Previously, he was the head of Operational Risk Management at Prudential Financial, Inc. Prior to joining Prudential, Mosse was with The Chase Manhattan Bank, where he held several senior positions in Risk Management and Internal Audit, including Chief Risk Officer for the Corporate Finance Sector and South America Regional Audit Executive.

Mosse has extensive knowledge of U.S. and international financial services and products, including retail and corporate banking, securities brokerage, investment banking, asset management, and life insurance. He also has in-depth knowledge of risk management and internal control frameworks such as Basel II and III, Solvency II and COSO, including new product development, risk and control self-assessment, key risk indicators, loss event data capture and analysis, capital allocation and control issue tracking and reporting.

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New York, NY, Local Attractions

Chicago, IL, Local Attractions

A short boat trip brings you from Manhattan to the Statue of Liberty, a gift from France for the centennial of America's Independence which now symbolizes the USA and New York in particular.

The Brooklyn Bridge, built between 1869 and 1883, connects Brooklyn with Manhattan. The bridge is one of the most magnificent landmarks in all of New York City.

Bryant Park is a small but pleasant park located next to the NY Public Library and surrounded by interesting architecture such as the historic Bryant Park Hotel and the modern Bank of America Building.

Central Park was the first large city park in the United States. The design by Olmsted and Vaux has been copied all over the world. Originally situated in a sparsely populated area, the park is now surrounded by highrises.

Coney Island is a seaside resort in Brooklyn famous for its historic Ferris Wheel and roller coaster, the Cyclone. Long past its heyday, it is still a popular tourist attraction.

Now home to the immigration museum, Ellis Island was the immigrant gateway to America. More than 12 million people arrived here on the way to their new life in a new country.

Not as famous as its Brooklyn namesake, this plaza sits at the edge of Central Park. The square features a large gilded statue of general William Sherman as well as the Pulitzer fountain.

Lincoln Center is a large complex devoted to music, dance, and theater. The most famous building at the center is the Metropolitan Opera House, designed by Wallace K. Harrison.

One of the world's most acclaimed libraries is housed in a beautiful Beaux-Arts building, designed by architects Carrère and Hastings. The building was completed in 1911 after 9 years of construction.

One of the more breathtaking scenes on the lake is this tall ship approaching the docks at Navy Pier. The 148-foot four-masted schooner (and its new sister ship, the Windy II ) sets sail for 90-minute cruises two to five times a day, both day and evening. (Because the boats are sometimes booked by groups, the schedule changes each week; call first to confirm sailing times). The boats are at the whims of the wind, so every cruise charts a different course. Passengers are welcome to help raise and trim the sails and occasionally take turns at the ship's helm (with the captain standing close by). The boats are not accessible for people with disabilities.

The building may be historic (it was the first planetarium in the Western Hemisphere), but some of the attractions here will captivate the most jaded video-game addict.

Your first stop should be the modern Sky Pavilion, where the don't-miss experience is the StarRider Theater. Settle down under the massive dome, and you'll take a half-hour interactive virtual-reality trip through the Milky Way and into deep space, featuring a computer-generated 3-D-graphics projection system and controls in the armrest of each seat. Six high-resolution video projectors form a seamless image above your head -- you'll feel as if you're literally floating in space. If you're looking for more entertainment, the Sky Theater shows movies with an astronomical bent; recent shows have included Secrets of Saturn and Mars Now!

With its gleaming-white, palatial, six-story grandstand and lush gardens, this racecourse is one of the most beautiful showcases for thoroughbred horse racing in the world. Its storied history stretches back to 1927, and such equine stars as Citation, Secretariat, and Cigar have graced the track. The annual Arlington Million (the sport's first million-dollar race, held in mid-Aug) attracts top jockeys, trainers, and horses and is part of the World Series Racing Championship, which includes the Breeders Cup races. Arlington's race days are thrilling to behold, with all of racing's time-honored pageantry on display -- from the bugler in traditional dress to the parade of jockeys.

You can't -- and shouldn't -- miss the Art Institute. (You really have no excuse, since it's conveniently located right on Michigan Ave. in the heart of downtown.) No matter what medium or century interests you, the Art Institute has something in its collection to fit the bill. Japanese ukiyo-e prints, ancient Egyptian bronzes, Greek vases, 19th-century British photography, masterpieces by most of the greatest names in 20th-century sculpture, and modern American textiles are just some of the works on display, but for a general overview of the museum's collection, take the free "Highlights of the Art Institute" tour Saturday and Sunday.

A truly grand theater with historic-landmark status, the Auditorium gives visitors a taste of late-19th-century Chicago opulence. Because it's still a working theater -- not a museum -- it's not always open to the public during the day; to make sure you'll get in, schedule a guided tour, which are offered on Mondays at 10am and noon.

Designed and built in 1889 by Louis Sullivan and Dankmar Adler, the 4,000-seat Auditorium was a wonder of the world: the heaviest (110,000 tons) and most massive modern edifice on earth, the most fireproof building ever constructed, and the tallest building in Chicago. It was also the first large-scale building to be lit by electricity, and its theater was the first in the country to install air-conditioning. Originally the home of the Chicago Opera Company, Sullivan and Adler's masterpiece is defined by powerful arches lit by thousands of bulbs and features Sullivan's trademark ornamentation -- in this case, elaborate golden stenciling and gold plaster medallions. It's equally renowned for otherworldly acoustics and unobstructed sightlines.

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