In August 2020, the Bank for International Settlements BCBS committee issued a paper entitled operational resilience. This was a response to the crisis of 2020 and the impact that this had on so many firms. This paper was then finalized in February 2021 and provides important lessons for any firm to follow.
Operational resilience seeks to ensure that firms will be able to provide critical services and functions during crisis. Whilst the pandemic of 2020 was one crisis, the next one could be completely different. Firms need to implement systems and structures to enable them to understand the likely impact of an event on their ability to deliver services when an event occurs including the dependencies and interconnections which inhibit their implementation.
The Operational Resilience & the new papers from the BIS Masterclass will take delegates systematically through each of the requirements to enable them to consider the actions that they would need to take in practice.
By the conclusion of this event delegates will have gained a thorough understanding of the regulatory expectations regarding Operational Resilience as well as the impact that this will have on operational risk management. Specifically the following matters will be addressed:
Since operational resilience is the key to current development within banking, it will be important for any firm or regulator to obtain a good understanding of these new requirements. They will need to appreciate the work that needs to be undertaken to achieve these new requirements and how this changes risk management, reporting, and governance.
These are important matters to consider. The regulators have stated that firms lack appreciation of operational resilience issues and concerns resulted in sub-optimal responses to the current crisis, with some of these issues continuing to impact the organization.
The next major issue that the banks may need to face could be entirely different to the COVID crisis so solutions need to be developed that will anticipate and deal with such matters. This course will assist participants understanding of these important issues, how they improve an organization and what the key phases of work to be conducted really are.
Dennis is the Chief Executive of Risk Reward Ltd, where he oversees all consulting and training projects. A UK Chartered Accountant and internationally recognized financial services risk management, compliance, internal audit and financial crime expert, he specializes in the interdisciplinary forward-looking impact of and opportunities of regulation, digital technologies, and the challenges surrounding credit, market, liquidity/treasury and operational risk, as well as successful compliance implementation techniques and model validation assessment, robustness and best practise.
He has more than 30 years of experience in the areas of risk, banking, financial crime, audit, and accounting having held senior management positions within the banking and accountancy profession as Head of Internal Investigations at HSBC Global Bank, Director, Risk Management at HSBC Insurance Brokers Limited, and Director, Risk Management, Prudential Portfolio Managers. Formerly he held a number of roles within the audit profession, Managers. Formerly he held a number of roles within the audit profession, including Senior Audit Manager (Compliance) at HSBC Holdings PLC and Senior Manager (Banking and Finance) at both BDO Binder Hamlyn and Arthur Young (now Arthur Anderson and Ernst & Young).
He is a Fellow, Co-founder and Chairman of the Risk Forum for the UK Chartered Securities and Investment Institute and administers the Risk Reward Global Risk Forum on LinkedIn. A Fellow of the Institute of Chartered Accountants (FCA), he has also been a National Council Member for 17 years and a representative of the public as Council Member of the Institute of Actuaries (Insurance) for 10 years. He teaches the Global Financial Compliance; Combatting Final Crime and the Conduct Risk courses as examination preparation for certification by the CISI.
He holds an honours degree in Mathematics from the London University Westfield College.