Risk management is concerned with the identification of risks followed by the coordination of actions affecting their impact and/or probability.
Every firm takes risks as part of its business strategy and these must be adequately controlled. So, the senior management of all firms must be able to identify all the risks that it wants or needs to take and through appointed risk managers, ensure there are processes in place to manage those risks effectively. However, it takes everyone in a firm to manage those risks, it's not all down to your risk management team.
For example, your department should have a risk control framework that identifies the risks associated with the work that your department does. The framework specifies the processes, policies and procedures you have in place; and what roles people have in that framework.
Operational resilience is an outcome, something to strive for. This is key to the Bank of England’s mission to maintain financial stability.
Operational resilience can be defined as the ability of firms – and the financial system – to prevent, adapt, respond to, recover and learn from operational disruption. It requires firms to not only minimize the likelihood of an incident occurring and causing a disruption… but also to assume that disruption will occur – and to have robust responses and recovery processes in place.
Our Risk and Operational Resilience course set the tone that ‘ultimately everyone in a firm owns and manages risk’. Emphasizing that everyone has direct responsibility for, and an impact on, risk. All staff can help to minimise customer detriment, damage to reputation, financial loss and the impact on economic disruption.
Our Risk and Operational resilience course will cover both these aspects by providing learners with:
- An introduction to risk management
- The systems and controls used to manage risk
- An opportunity to try their hand at using a risk register to determine how risk in their role should be managed
- A case study of risk in practice, with questions on what the learner thinks, should have been done to reduce risk
- A definition of operational resilience and how firms can help achieve resilience aims and objectives
If you subscribe to our ComplianceServe catalogue here are the things you need to know:
WE ARE ARCHIVING THE LEGACY RISK MANAGEMENT PATHWAY AND OUR THREE LINES OF DEFENCE PATHWAY ON FRIDAY 31ST JANUARY 2020
In our Risk Management legacy pathway we have 2 activities:
- Risk Management
- Risk Management – Assessment
In our legacy pathway for Three Lines of Defence we have 5 activities:
- Three Lines of Defence – Introductory video
- Three Lines of Defence – Understanding the Three Lines of Defence
- Three Lines of Defence – Case study
- Three Lines of Defence – Assessment
- Three Lines of Defence – Summary of key points
As this legacy content is being archived, it will no longer be supported, updated or maintained. Where users have been registered to the legacy content this will remain in users‘ ‘My Activities’ even after archiving. Users will either need to complete the activities or administrators will need to cancel the registrations.
The legacy content will also remain in existing pathways, for example, those created and used for induction, until they are removed.
You may also want to then add the new content to those pathways.
Where learners have already completed these courses, the CPD achieved will remain.
If you do not subscribe to our ComplianceServe catalogue please contact your Account Manager for more information about our Risk and Operational Resilience course. Alternatively, you can call us on 0800 055 6586.
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