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Banking Essentials - Part I

This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.

Greenwashing

Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.

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Connect Finance Unlocked to your current platform

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Tackling the Cost of Living Crisis

In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.

CSR and Sustainability in Financial Services

In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.

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Operational Risk Advanced Concepts

Operational Risk Advanced Concepts

Paul Rosen

Operational Risk

Having discussed the various stages of the operational risk cycle, in this video, Paul Rosen provides some key takeaways and outlines some topics that may elicit further research.

Having discussed the various stages of the operational risk cycle, in this video, Paul Rosen provides some key takeaways and outlines some topics that may elicit further research.

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Operational Risk Advanced Concepts

3 mins 44 secs

Overview

Good operational risk management reaffirms the saying “when done right, the whole is synergistically greater than the sum of the parts”. A good organisational culture goes hand in hand with the implementation of good ORM. These in turn, deliver business outcomes brilliantly.

Key learning objectives:

  • Understand how a good organisational culture is needed for good ORM

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Summary

How to ensure an environment that supports good operational risk management?

More than the theoretical presence of the operational risk cycle, it is the implementation of a risk culture that generates effective practice. Management needs to ensure that all colleagues understand their responsibilities and create a culture that is focused on business outcomes rather than managing operational risk itself. Management should reinforce culture through role-modelling good practice and eliminate blame culture. This will help in the long run and allow mistakes to be escalated and remediation activity to take place openly. This will allow more equitable distribution of resources and better access to senior management who can assist in issue closure.

As part of good practice and formally as part of their Internal Capital Adequacy Assessment Process (ICAAP), financial institutions forecast potential future risks and their impact. For example, technology is a big risk to organisations and a scenario exercise may include a test against a cyberattack or ransomware playbook. This scenario analysis demonstrates what could go wrong under a set of extreme but plausible circumstances. The results from such tests are also used to review management strategic direction and also contribute to the firm’s capital calculations.

This example of operational risk’s connection to the ICAAP, and Prudential Regulation Authority’s new Operational Resilience requirements, are a frequent reminder of the connection between understanding operational risk and responding across a range of teams, areas and processes within a large bank. 

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Paul Rosen

Paul Rosen

Paul Rosen is responsible for the First Line of Defence, Front Office Regulatory Advisory and Operational Resilience at NatWest. He previously worked in the Williams & Glyn divestment from the Royal Bank of Scotland. He is a fellow of the Institute of Chartered Accountants in England & Wales and a member of the Association of Corporate Treasurers.

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