IOR News

Edward Sankey elected new IOR Chairman

Last Updated on Monday, 24 May 2010 02:23 Written by Michael Faber Monday, 26 April 2010 15:21

Edward Sankey is the new chairman of the Institute of Operational Risk (IOR)– the professional body supporting practitioners in the discipline of managing operational risk following the Institute’s Annual General Meeting held on April 15.

An independent consultant in corporate and operational risk, Edward Sankey is a Fellow of the Institute, has been a member of its Council since 2005 and as a member of the executive committee has been leading the IOR’s acclaimed events programme.

He takes over the chairmanship from Philip Martin who has completed his term of office and stepped down from the Council.

Read more: Edward Sankey elected new IOR Chairman

IOR Publishes second paper in the sound practice guidance series

Last Updated on Thursday, 06 May 2010 16:47 Written by Michael Faber Friday, 09 April 2010 10:43

The Institute of Operational Risk (IOR) has published the second sound practice guidance paper in its new series on the topic of Risk Control Self Assessment.

Designed to provide advice on the implementation of the techniques that support a robust risk management framework the guidance papers focus on the practicalities, rather than the theory, of application.

Risk Control Self Assessment (RCSA) should form an integral element of an organisation’s overall operational risk management and control framework. It provides an excellent opportunity for a firm to integrate and co-ordinate its risk identification and risk management efforts and to improve the understanding, control and oversight of its operational risks.

Read more: IOR Publishes second paper in the sound practice guidance series

IOR launches first sound practice guidance in series

Last Updated on Wednesday, 19 May 2010 17:52 Written by Steve Radford Friday, 15 January 2010 00:00

Press release 15th January 2010

The Institute of Operational Risk (IOR) has launched ‘Risk Appetite’ – the first in a new series of guidance papers designed to provide sound practice guidance on how a company may wish to deliver a particular risk management technique.

The emphasis of the IOR’s guidance papers is to provide information on the practicalities and know-how necessary in order to implement the techniques that support a robust risk management framework. To date much guidance in this field has focused on what a company should do in a theoretical way with little by the way of practical advice. 

Divided into three sections, the Risk Appetite guidance paper outlines a variety of good practices from which may be drawn a collection of appropriate, relevant and proportional ideas, considers the process for setting risk appetite and provides guidance on implementation and the practical application. 

Read more: IOR launches first sound practice guidance in series

Letters published

Last Updated on Thursday, 06 May 2010 16:32 Thursday, 11 September 2008 14:54

Letters written by Philip Martin and published in the Oprisk and Compliance magazine

• Operational Risk Management 
• OpRisk & Compliance Magazine

Operational Risk Management

Recent comments attributed to Robert Rubin, a Director and Chairman of the Executive Committee of Citigroup, reveal much as to how Boards of Directors have looked at Risk Management.   

The media have reported Rubin as holding Citi’s risk management executives as being responsible for the difficulties in which the company now finds itself.  He is reported as saying “the board can’t run the risk book of a company.  The board as a whole is not going to have a granular knowledge [of operations]”. 

It is generally accepted that it is the responsibility of the board of directors of any company to set the risk appetite for the business and to establish the strategies that will be adopted for managing risk across the business.  The board then, quite rightly, provides senior management with the mandate to implement such strategies.  The risk management function is there to assist in the implementation and to monitor and report back to management what is going on. 

Read more: Letters published