"I keep six honest serving-men
(They taught me all I knew);
Their names are
What and Why and When
And How and Where and Who"
The Elephant's Child
Rudyard Kipling
1865 - 1935
In recent years, and largely thanks to intense regulatory pressure, Operational Risk Management has become a risk management discipline in its own right. Of course, operational risk is not new; it has always been there and, by and large, has been managed reasonably successfully.
Operational Risk is not the sole domain of the Financial Services sector, it exists in every company and business. It does not reside in a "black-box" as both market and credit risks frequently do, it is the one form of risk that is pervasive throughout an organization. Every employee, from the Chairman of the Board to the Security Guard or Receptionist on the front door has a role to play. Consequently, getting the risk management message right so that it is understood at every level throughout a business is a challenge.
ERA offers unrivalled knowledge of the operational risk management issues facing an organization and is able to identify and provide the most appropriate solution for an organisation's needs. By working closely with the organization, ERA can assist in the identification and assessment of risk exposures, risk appetitites and risk tolerances.
ERA's approach is to focus on the risk-reward paradigm rather than on compliance. We do not believe that operational risk management is a box-ticking exercise, performed solely to satisfy a regulator. It is an on-going discipline that grows and changes with a business. It is not a "necessary evil", rather it is a discipline that helps a business grow without incurring unnecessary or unwanted risk.
Ultimately, a well-designed and robust operational risk management framework and discipline serves to protect the single most valuable asset that companies, or individuals, possess - their reputation.
ERA's approach offers numerous business benefits including, but by no means limited to:
- Alignment of risk management disciplines with strategic objectives;
- Creating Staff buy-in;
- Reduced operational risk loss events;
- Enhanced business performance;
- Protection of individual and corporate reputations.
ERA can help in ensuring that, in the event of a major operational risk event occurring, ERA's client will be able to stand up in public and say "We have done everything that could reasonably be expected of us", and actively demonstrate that this is the case. At a time when there is no such thing as cheap, good risk management, ERA can demonstrate the value of the investment.
The following list is a selection of services offered by ERA. If you have any specific requests, please contact us .
- Business Continuity
- Capital Modelling
- Compliance Health Checks
- Control Risk Self Assessment
- Model Verification
- Operational Risk Data Collection
- Operational Risk Management Framework Design
- Outsourced Operational Risk Management
- Project Management
- Risk Management Reporting
- Risk Mapping
- Scenario Analysis
- Software Selection
- Strategic Development
- Stress Testing
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