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Operational Risk Masterclass

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Overview

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:

Explain the value of operational risk for organisations and their stakeholders
Evaluate operational risk governance arrangement and develop improvement plans where appropriate
Design effective strategies for influencing risk culture, including how to create an appropriate Tone from the Top in their organisation
Influence the creation of effective operational risk appetite statements
Apply the latest practice to enhance a broad range of operational risk process tools
Improve the embeddedness of operational risk process tools in the day-to-day work of an organisation
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 >>

About the trainers

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, 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.

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