The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.

Formerly known as BF067A: Operational Risk Management - It's Not Just About Compliance. 

Programme Objective

 

The efficacy and efficiency of Operational Risk Management remains a major priority in today's business climate for both trading/production and financial services enterprises. Both the ongoing Covid-19 pandemic/endemic, an emerging Industrial Revolution (IR) 5.0 and Web 3.0 heighten the need to stay operationally resilient and highlight the importance of protecting one's assets, both tangible and intangible, people included, in the face of challenging and threatening economic and social environments. Managing non-financial risks is not confined to adhering to compliance practices or addressing consequences of such lapses but addressing more enterprise-threatening concerns arising from technological failures and human/process operational errors.

This one-day workshop takes a pragmatic approach to comprehend the expansive scope of operational risks encountered in various industries and the evolving disruptive nature of the business landscape (and emerging risks such as pandemics) coupled with ever changing cyber and production/consumer behaviours.

Upon completion of this course, the participant will

(a) acquire a proper understanding of different operational risk events and their impact on the reputation and sustainability of the enterprises
(b) have a better grasp in identifying, measuring, assessing and managing operational risk
(c) learn the various challenges posed in the process of managing operational risks
(d) gain insights from the various mishaps encountered by different enterprises in the operational risk space, as well as experiences during the ongoing Covid-19 pandemic/endemic
 

Programme Outline

1. Evolving Operational Risk trends

• Close Encounters with Black Swans, Grey Rhinos and a "bogeyman" called Covid
• Rising up to Industrial Revolution (IR) 5.0 and Web 3.0
   

2. Understanding Operational Matters (People, Process, System and External Events)

• and why Covid-19 is being labeled "The Greatest Operational Risk Event of Our Times"
   

3. Implementing the Operational Risk Framework and Toolkit

• Basel's update of Principles of Sound Management of Operational Risk (PSMOR) and Principles for Operational Resilience (POR), Risk Register, Risk Bow-Tie and Heat Map - their Usage and Shortcomings, More than just Compliance
   

4. The Essence of Good and Timely Data, Sound Control Structure and Making Sense of Key Risk Indicators (KRIs), Key Performance Indicators (KPIs) and Key Control Indicators (KCIs)
 

5. Performing a Proper Risk and Control Self Assessment (RCSA), Risk Voting, Scenario Analysis and Stress Testing

• ... And Who's Who and Challenges in Managing Operational Risk
   

6. Envisaging the Insider Threat

• Wary of Red Flags (of Fraud, Retention, Incompetency,  Rogue Employees/Management and Whistle Blowing and how Covid-19 is a backdoor to increased fraud risk
   

7. Business Continuity

• The need to institute Contigent Planning as emphasised by the Covid-19 event
   

8. Reputation/Conduct and Social Media

• Lessons from the Dump
   

9. Operational risks implication when swimming in New Waters and Work/Business/Financial Trends

Pre-requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking
   

Training Methodology

With less quant-oxication but more qualitative rationalisation and cognitivity, the workshop draws strength and collective value from an audience from varying industries, functional roles and corporate levels - lay and expert practitioners included - as well as real-life industry operational mishaps. Intended to be edu-taining, it uses a palatable case-based and shared learning approach involving various group discussion and practice pieces to articulate the operational risk discipline efficaciously.  

Closing Date for Registration

1 week before programme or until full enrolment
 

Intended For

Senior down to Junior finance and auditing professional in both financial and non-financial institutions seeking a sprightly and applied understanding of the operational risk management discipline and how their corporate functional roles tie in and enhance value in the risk practice.

Programme Facilitator(s)