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Operational Risk Masterclass

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Operational risk management is the management of unpredictable outcomes on the efficiency and effectiveness of operations in an organisation. This Masterclass guides participants through the key issues and dilemmas that arise from the design and implementation of a best in class operational risk management framework. 

Taught by internationally respected and experienced practitioners, the Masterclass is interactive and focuses on the creation of a structured, bespoke organisational improvement plan for each participant. The Masterclass is backed up by up-to-date learning resources including the 2022 book Fundamentals of Operational Risk by Simon Ashby. 

This book builds on the Institute of Operational Risk and Institute of Risk Management’s Sound Practice Guidance Papers. It is written for risk professionals looking to benchmark and enhance the operational risk management practices of their organisations. The book contains many case studies and examples of good practice, some of which form the basis for the group exercises and cases that will be used in-class. 

Key learning objectives

On completion of this Masterclass, participants will be able to:

  1. Explain the value of operational risk for organisations and their stakeholders
  2. Evaluate operational risk governance arrangement and develop improvement plans where appropriate
  3. Design effective strategies for influencing risk culture, including how to create an appropriate Tone from the Top in their organisation
  4. Influence the creation of effective operational risk appetite statements
  5. Apply the latest practice to enhance a broad range of operational risk process tools
  6. Improve the embeddedness of operational risk process tools in the day-to-day work of an organisation
  7. Plan better to create a more agile and resilient organisation

Masterclass content summary 

Over three days you will be taken through all the following important Operational Risk components.

Day 1 - Governance Day 2 - Risk and Control Day 3 - Improving your operational risk management
1. Masterclass objectives 7. Recap on day 1 13. Recap on day 2
2. The value of operational risk 8. Risk appetite 14. Operational resilience
3. Risk governance 9. Operational risk process tools - 1 15. Resilience & Scenarios
4. Risk culture 10. Operational risk process tools - 2 16. Creating an action plan
5. Group Exercise 11. Group Exercise 17. Assessment
6. Summary and overnight reading 12. Summary and overnight reading 18. Summary

Masterclass content detailed

The Masterclass components have the following content:

Day 1 - Governance

Session Content
1. Masterclass objectives  
2. The value of operational risk
  • Rethinking operational risk in terms of efficiency and effectiveness
  • Using operational risk to protect & create stakeholder value
  • How operational risk management supports strategy setting and implementation
3. Risk governance
  • Three lines approach
  • Role of the risk function
  • Making effective use of risk committees
4. Risk culture
  • The importance of risk culture
  • Assessing and monitoring risk culture – surveys and metrics
  • Influencing risk cultures
  • Practical steps to start working on risk culture in your organisation
5. Group Exercise
  • A critique of  different Governance models
6. Summary and overnight reading  

Day 2 - Risk and Control

Session Content
7. Recap on day 1  
8. Risk appetite
  • Operational risk appetite as a strategic decision-making tool (to mitigate threats and maximise opportunities)
  • Drafting an effective operational risk appetite statement
  • Using risk appetite metrics
  • Linking risk appetite to risk indicator thresholds and limits
9. Tools of the operational risk process - 1
  • Brief reminder of the process: identify, assess, monitor and control and common tools (RCSA, etc.)
  • Discussion: the strengths and weaknesses of your current process
10. Tools of the operational risk process - 2
  • The risk management conundrum: balancing the costs and benefits of operational risk tools
  • Techniques to improve operational risk processes, to help maximise the benefits and minimise the costs
11. Group Exercise
  • Embedding Operational Risk Management, combining technical tools and risk culture for maximum effect
12. Summary and overnight reading  

Day 3 - Risk and Control

Session Content
13. Recap on day 2  
14. Operational resilience
  • Why all operational risks cannot be anticipated
  • Planning for the unexpected
  • Adapting to the unexpected
  • Learning from your successes and failures
15. Resilience & Scenarios
  • Business Impact assessments, Key processes, Disaster/crisis management
  • What are the plausible scenarios that you need to think about?
  • How to incorporate lessons learned?
16. Creating an action plan
  • Revisit the challenges raised by the participants in the opening module:
    • How has your thinking about your challenge changed/matured over the last 3 sessions?
    • What next actions are you going to take?
  • Open discussion on general themes coming out of challenges
17. Assessment  
18. Summary  

Additional materials

  • Book
  • Workbook / reflective log – Action Log
  • Links to relevant articles
  • Evening “homework/readings” to maximise CPD points

Benefits of attending

  • An implementation plan personalised to your organisation based on key learnings
  • 18 CPD hours
  • Up to 12 months free affiliate membership of the IRM
  • 10% off our qualifications
  • Access to our Thought Leadership and online publications
  • Global recognition and networking opportunities
  • A learning experience like no other: Networking opportunities and learning different perspectives from professionals from companies all over the world
  • 30 years of experience from industry leaders

Who should take this Masterclass

The Masterclass is aimed at any professional looking to improve their operational risk management practice and the operational risk management framework of their organisation. Those without a basic grounding in risk management and operational risk are recommended to take either the IOR’s Certificate in Operational Risk Management or the IRM’s Fundamentals of Risk Management before attending this course.

  • Operational risk managers
  • Enterprise risk managers
  • Chief risk officers
  • Auditors
  • Risk management consultants
  • Governance professionals

Return on Investment

Working with two of the IRM’s leading international practitioners’ attendees will be encouraged to review and challenge the current operational risk management practices of their organisations. The aim is to arrive at customised improvement plan that can enhance the efficiency and effectiveness of an organisation’s operations. The potential benefits of this include:

  • Reducing the number and cost of operational risk events
  • Reducing the cost and increasing the effectiveness of operational risk management practices
  • Enhancing operational resilience, helping an organisation to adapt to sudden and unexpected change
  • Improved compliance with applicable laws and regulations

Book Now

Operational Risk Masterclass Virtual

This masterclass is also available online.

Date Duration CPD Location Members Non-members Register now
3 - 5 July 2023 3 Days 

12 Hours Online £1700+VAT £1800+VAT

 Book now >>

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About the trainers

Dr Simon Ashby

Dr. Simon Ashby

Dr Simon Ashby is a Professor of Financial Services at Vlerick Business School, Belgium. Simon has worked as an academic, a financial regulator and a senior operational risk manager in a number of UK financial institutions. He also provides training and consultancy services in risk management.

Simon has a PhD in corporate risk management from the University of Nottingham and has published many academic papers and industry reports on risk, governance, financial services regulation, banking and insurance. His current research interests include: board-level risk management, cyber risk, risk culture and operational risk management.

Simon is a Fellow and former Chairman of the Institute of Operational Risk and a Director and past Audit and Risk Committee Chair of Plymouth Community Homes.

John Crawley  John Crawley, FCCA  IRMCert FIB MIfT

High-impact contributor with extensive international experience in a range of disciplines including Risk Management, Governance, Strategy and Finance. A Fellow of the Chartered Association of Certified Accountants, John draws from his 35 years of corporate experience in a range of Board, Executive, and Non-Executive positions.

Board positions held include Ulster Bank (Natwest) as Executive Director, Deutsche Bank as Non-Executive Director and Ogier Law Practice as Non-Executive Director and Board Risk Committee Member.

Well respected professional with considerable expertise in advising organisations in the government, NGO and private sectors internationally including the UK, Switzerland, UAE, Saudi Arabia, Nigeria, India, Singapore and Hong Kong. As Lead Partner in Expert Partners, John provides Strategy and Risk advice to a number of high profile Clients and is a Master Trainer for the Institute of Risk Management (UK) and the  GCC Board Directors Institute (UAE).


What is reflective learning?

Reflective learning is a way to think deeply about a subject matter and translate this learning into insights that will influence future activities. This makes reflective learning a great fit for the IRM’s interactive training courses that seek to add practical value for participants and their organisations.

This type of learning is beneficial because it:

  • Encourages independent learning and helps you to take control of your own learning and development 
  • Assists you to achieve ‘deep’, as opposed to ‘surface’, learning – for example learning how to select and use the models and tools that will benefit your organisation rather than memorising facts, and definitions
  • Builds stronger connections between what you learn and your lived experience 
  • Enables you to identify your personal strengths and areas for development

Reflective learning journals are not an assessment of your subject matter knowledge, they are an assessment of your ability to critically think about how the learning relates to your experience and to gain insights into areas for development, personally and for your organisation.