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Risk Management Framework


Sharron Darnell

on 3 February 2017

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Transcript of Risk Management Framework

Good question....
A risk is a probability or a threat of customer detriment, reputational damage, loss or any other negative occurrence.
A risk can be caused by internal or external weaknesses and may be mitigated by implementing controls.
An issue is different from a risk in that....
A risk is something that COULD happen,
An issue is something that HAS happened and would be managed as an Incident.
Think about the cartoon rocket for example...
is it 'could' crash while attempting to land....
An Issue or Incident is when it happens...
Think about some risks that could happen in your day to day role.....
Think about your systems...
Think about your customers...
Think about yourself and your colleagues...
There is a dedicated Risk Management Team focused on identifying and managing risks
Our business works hard to mitigate risks...
What is the Risk Management Framework (RMF)?
The Risk Management Framework policy document explains how it all works...

The Risk Policies help to identify, reduce and prevent incidents and undesirable customer outcomes.
The Control Standards are the minimum controls required to help prevent incidents and undesirable customer outcomes.
The Business Processes go down to the procedures advisors follow when performing their role whether it is handling customer facing queries or business required procedures.
Control Standards
Risk Management Framework - 'Three Lines of Defence'
The Three Lines of Defence governance model ensures we are all responsible and accountable for...
Identification, Measurement, Management, Monitoring and Reporting of Risks.
Another Good question....
The RMF sets out how we manage Governance, Risk and Compliance throughout the organisation and how the framework will be maintained.
Everything we do is linked back to the Risk Management Framework.
We are all working in the Framework which helps us: Identify, Measure, Manage, Monitor and Report Risks
1st Line - Business Operations
2nd Line - Enterprise Risk, Compliance & Legal
3rd Line - Internal & External Audit
Responsible for performing primary business functions for the identification of risks and the implementation and adherence of controls.
Responsible for Risk policy information, overseeing its deployment and assuring the key controls operated by the 1st Line
2nd Line
1st Line
3rd Line
Independent assessment and challenge providing assurance of the effectiveness of the controls deployed by both the 1st and 2nd lines.
What does this mean to you?
Risk is everyone's business and as we perform our role, handling calls, emails from customers, think how we can help identify, reduce and prevent incidents which could lead to customer detriment or negatively impact the business
If you are already aware of any potential risks then please speak to your line manager.

What is a risk?
Why is Risk Management Important?
Without it we cannot define our objectives for the future....

Our ability to effectively manage risk will help us act more confidently on future business decisions.

Knowledge of the risks we are facing will support the identification of options on how to deal with potential problems.

Risk is the main cause of uncertainty in any organisation, Companies increasingly focus on identifying risks and managing them before they can affect the business.
Our regulator the FCA, states “A firm must take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems”
Risk is everyone's business
Full transcript