18.12.2019

Risk and Operational Resilience

Risk and Operational Resilience

Risk management has evolved over the years, influenced by challenging economic climates, evolving technological threats and lesson learned from past crises. The financial services regulators and other organisations such as the Bank of England, constantly review and evaluate the risks to firms and economic stability. From this they produce regulations, rules and guidance to be followed. The way firms manage risk has a direct impact on operational resilience and, as a result, the two work hand in hand.

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 minimise the likelihood of an incident occurring and causing a disruption… but also to assume that a disruption will occur – and to have robust responses and recovery processes in place.

Our Risk and Operational Resilience course sets the tone that ‘ultimately everyone in a firm owns and manages risk’. Emphasising that everyone has a 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 a 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. Find out how to cancel a user from an activity here

The legacy content will also remain in existing pathways, for example those created and used for induction, until they are removed. Find out about archiving activities here

You may also want to then add the new content to those pathways. Find out how to add content to pathways here

Where learners have already completed these courses, the CPD achieved will remain.

If any assistance is required on any of these actions, please visit Unicorn Help or contact the team here.

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 get in contact with us here or call us on 0800 055 6586.

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