This three hour overview of financial risk management will provide the fundamentals to risk management that all managers need to comprehend.
Regardless of job titles, risk management is a shared responsibility by all managers. Compared to accounting, risk is an immature discipline with a variety of risk frameworks competing to dominate. Based on the new Wiley and Sons book, Essentials of Risk Management, due for publication at the end of 2010, this webinar is designed to provide a non-math introduction to an area and discipline that is changing rapidly, especially in the light of the risk management failures that have shattered so many personal and professional lives.
Why you should attend: To avoid repeating the painful operational risk management failures that we have witnessed in such diverse organizations as Toyota`s quality failures, banking`s loan processing failures, organizations need to address operational risk in a holistic and systematic process. This course will provide an overview of the Basel framework to operational risk and argue that is a viable means for non-banking organizations to categorize and classify the major areas of operational risk. We will do a deeper dive into the two most critical elements of operational risk - legal risk, especially the risks from litigation and discovery, and the risks from financial crimes - internal fraud, external fraud, anti-money laundering, know your customer, etc. This three hour webinar is designed to provide an introduction to operational risk management including the major frameworks and standards in use today and simple techniques you can apply to reduce both legal risk and the risk of financial crimes, and guidelines to institute a systematic approach to operational risk.
Areas Covered In the Seminar: After attending this session, you will be able to:
PART ONE - Identify the major categories of Risk according to Basel
- List the seven major categories, 20 categories, and 40 subcategories of operational risk
- What to look for in taking a holistic and systematic approach to op risk
- Comprehend the major qualitative and quantitative tools used in op risk
- Understand how self assessments, scorecards, KRIs, and scenarios are used as qualitative tools
- Grasp why both internal and external loss data is essential in using quantitative tools
- Go through the example of Toyota and BP to illustrate the root causes of op risk failures
PART TWO - Comprehend the scope of legal discovery
- Appreciate the importance of the Federal Rules of Civil Procedure
- Grasp why America s litigious nature is spreading to its trading partners.
- Understand how to mitigate your legal risk
PART THREE - Comprehend the importance of the Principle/Agent problem
- Use simple measures to reduce financial crimes.
- Grasp that corruption is a way of life in much of the world.
- Understand the basics of the major anti corruption and bribery standards
- Appreciate the value of whistleblowers in a free society
Who will benefit: - Risk and Compliance Managers
- Accounting and Finance Managers
- Internal and External Auditors
- Sarbanes-Oxley Managers
- Operational Managers in all types of Industries
