Monitoring of risks and controls is a critical aspect of any operational risk management initiative. Effectively monitoring the appropriate risks and controls can provide organisation with early warning on potential issues and pro-actively address these. Without effective monitoring, issues with risk and controls may only be revealed after an incident or during an internal audit.
In this session, Mike Finlay shared guidance on practices that work and do not work for monitoring of risks and control. Topics which were covered in this session include: –
- Which risks and controls should be monitored?
- How many indicators are needed to monitor risks and controls?
- Defining leading and lagging Indicators.
- Defining thresholds for escalation of indicators.
- Handling escalation of indicators.
Mike Finlay has over 30 years experience in banking and finance. The majority of his career has focused on risk, specifically in the middle and back office environment. Mike led the development of the KRI Framework underlying the KRIeX.org KRI Library. He has also been involved in development of operational risk loss data consortiums for several national and regional banking associations and consortia.
This session was hosted by Manoj Kulwal who is the Chief Risk Officer at RiskSpotlight and Director for Marketing at the IOR. He has 18 years of professional experience covering operational risk management, enterprise risk management, strategic performance management and business intelligence.
