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Theme: Value creation through embedding risk culture in the organization

The Nigerian Chapter held a very successful Annual Operational Risk Conference at Ikeja Sheraton Hotels and Towers on December 3, 2014. The theme was: “Value creation through embedding risk culture in the organization”. An all day event which was kicked off by Edima Ben Ekpo (Nigeria Chapter Head) with the Opening address that centred on information about IOR, Nigeria Chapter, benefits of joining the body and Conference content.

The 1st paper titled “An overview of the new Basel changes in operational risk capital calculation and the building blocks for compliance” was presented by Ademola Adeniran Director, Deloitte. The presentation gave a simplified view to the computation of OR Capital under the revised Standard Approach highlighting the differences between TSA and RSA. Kevin Ugwuoke, CRO Mainstreet Bank Limited presented a paper “The Three Lines of Defence is Integral to the DNA of the Firm”. Kevin was able to demystify the 3 lines of defence that has become a recurring decimal in Risk Management Frameworks without the tangible benefits espoused. It was a truly enriching session as there were contributions here and there and the whole conference was in agreement that a lot needs to be done in ensuring the adequacy of the 3 lines of defence.

A presentation on Operational Risk and Strategic Planning anchored by Eneni Oduwole was enriching as this came from the perspective of the Financial Services Professional now in the Manufacturing Sector. SAP and Northern Sparks Limited also made presentations on supporting Operational Risk Management within GRC framework of an organisation. There was a break out session of 2 teams coordinated by Niyi Olalemi on Sustainable Banking.

The event was sponsored by SAP, Northern Sparks and Deloitte. There were 50 attendees in all.

The conference was a success as attested to by various participants and the take away is unquantifiable.

Presentations from the event are available to members. Click here to view the presentations.

The Institute of Operational Risk and the Centre For Financial Professionals would like to invite you to read CFP’s latest Operational Risk Insights and to attend CFP’s New Generation Operational Risk 2015 – 15% discount using code: IOR15

CFP’s New Generation Operational Risk Congress looks to address emerging risks for industry professionals to tackle key challenges. The Congress is moving towards a second generation Operational Risk framework, with critical challenges such as; Cyber Risk in the new technological world, Conduct Risk and where it now stands within the institution and Regulatory Uncertainty.

CFP have assembled an impressive line-up of senior risk professionals from banks, regulatory authorities, insurance and asset management firms. Including speakers from IOR’s Board of Directors. View the full speaker list here.

To support CFP’s New Generation Operational Risk 2015, taking place March 17-18 in London, CFP have released Insights that include:

Operational Risk In The New Regulatory, Conduct and Technology Driven World
The Effective Governance of Operational Risk Management – by Simon Cartlidge, Head of Operational Risk Governance, Legal & General”
Managing Reputational Risk – By Maria Leistner, MD, General Council EMEA & Chair of Reputational Risk Committee, Credit Suisse
MiFID II Set To Expand Op Risk Remit? Article by Meredith Gibson, Head Of Legal Risk, Santander and Helen Pykhova, Director, The Op Risk Company

Read the insights here: http://www.cfp-events.com/index.php/component/eventsnova/?view=eventdetail&eventid=108&Itemid=109#op-risk-insight

FURTHER INFORMATION

Register for the Congress by February 20 for just £999 and save up to £600! (Don’t forget to claim your 15% discount code: IOR15). Plus bring the team for further savings as the third colleague comes for free when two register.

The first IOR event in the US will be taking place on 28th January 2015 in Manhattan, New York and will feature an overview of operational risk practice from around the world, followed by an introduction to the IOR, what it is and what it offers, This will be followed by a presentation on the benefits of establishing a local IOR chapter in the US. Venue still to be confirmed. If you are interested in attending this event, please contact IOR Vice Chair Mike Finlay by email at mfinlay@ior-institute.org for further details.