Ernst & Young (EY) Sri Lanka, will be hosting a training program on Operational Risk Management (ORM) in an attempt to educate and equip the financial sector with ground breaking techniques on Proactive Risk Management. The program will be held on the 5th of December 2019 from 9.00 am – 4.00 pm at Hotel Mövenpick, Colombo 03. This full day training session will act as a catalyst in developing and deploying ORM measures in Sri Lanka, integrating risk management practices into processes, systems and culture.
The event will be facilitated by Sanath Fernando, Partner Financial Services, EY Sri Lanka with 28 years of advisory and industry experience. Rajith Perera, Partner/Principal, Financial Accounting Advisory service, EY Sri Lanka with hands-on experience in developing operational risk management frameworks for local as well as international clients, Kailash Prabhu, Director, Advisory Services, EY India who has over 10 years of experience in Operational Risk Management and Enterprise Risk Management, delivering valuable speeches targeting the CRO’s, OR Managers, Chief Financial Officers, Chief Risk Officers, Finance Managers, Risk Officers, Credit Managers, Compliance Officers, Management Consultants and etc.
In the present context, the financial sector, especially banks have become increasingly aware of the need to manage risk at operations with measures being taken to develop sophisticated systems for controlling financial risk. Financial institutions have constantly failed at handling operational risk due to lack of proper training programs and much required techniques and knowledge in ORM. ORM is considered as the nucleus of bank operations, identifying and mitigating operational risk is indispensable for the growth in the financial sector.
A timely response to ORM by EY, the training covers key components related to ORM from its evolution, capital measurement approaches as per Basel, Qualitative criteria for SMA (RCSA, KRI, LDM), ORM Governance: Three lines of defense to current trends in ORM targeting the operational managers, operational risk managers from the financial sector. The program enables the participants to gain clear understanding of implementing and furthering ORM initiatives and also exposes them to the latest ORM techniques.
It is identified that effective ORM frameworks pave way for effective and reliable operations. ORM has evolved to be a vital component in banks. At present, financial sector, especially banks which integrate ORM techniques are the ones which realize real financial benefits. Coupled with latest technology, ORM caters to the reduction in loses from threats and exploits, lower cost compliance, reduction in future potential damages.