Day One: Tuesday, October 25, 2022
10:30
15 min
Welcome and Opening Remarks from the Chair
10:45
60 minThird Party Risk Management and Resilience
- What is operational resilience?
- Why is operational resilience important?
- Contribution of a robust management of third-party risk program to operational
- How the proposed changes to Guideline B-10 focus on operation resilience
- Insights from OSFI’s third-party data call
11:45
60 min
Achieving Enterprise Resilience
Pranathi Praveen, Senior Manager, Financial Services Consulting, Ernst & Young LLP
- Background & regulatory landscape
- Global regulatory landscape
- New and pending Canadian expectations
- Operational Resilience ecosystem
- “Operational Resilience” as a framework vs “operational resilience” as an outcome
- Relationship between Operational Resilience and existing operational risk programs (i.e., ORM, IT/Cyber, TPRM, BCM/DR, and Conduct Risk)
- Need for well defined interaction model
- Practical tips and lessons learned from global implementations
- 3 steps to establish your program
- Lessons learned from implementing across the end-to-end operational resilience life-cycle
- Demonstrating operational resilience
12:45
45 minBreak
13:30
60 min
AI Risk Management for Financial Institutions
Isaac De Souza, Artificial Intelligence & Emerging Technology Risk Officer, BMO Financial Group
Artificial Intelligence (AI) is one of the most powerful technologies being adopted today and will significantly impact the financial industry and society at large. In this session we will demystify the “black box” of AI, discuss the incremental risks it brings and how it impacts risk management, and what regulators are doing to ensure we safely and securely use AI.
14:30
60 min
Operational Risk Management in Financial Institutions
15:30
60 min
Risk Response Strategies
Corina Farbacher, Chief Governance and Risk Officer, Corporate Secretary, Affinity Credit Union
In order to effectively respond to operational and emerging risk, Risk management teams must stay on top of diverse and dynamic risks, constantly assess risk exposure, and provide practical guidance to their organizations on risk mitigation and response.
This presentation will also discuss Board reporting and ensuring Boards of Directors expectations are met in their oversight responsibilities of operational risk.
16:30
Closing Remarks from the Chair
Day Two: Wednesday, October 26, 2022
10:30
min
Welcome and Opening Remarks from the Chair
10:30
60 min
Op Risk Reimagined: Making ORM the ‘Sexy’ Place to Be
Alexandra Lee, Executive Director, Learning Labs, Ernst & Young LLP
- Start and end with talent
- User-centric training
- Explore the risk management functions of the Future
11:30
60 min
2B or Not 2B: A Case for Line 2B
Beth Armstrong, Manager, Global Operational Risk Management, Manulife
In this topic we will explore the use of line 2B as an effective mechanism for risk management in both a mature and developing risk organization. Within the presentation, I will discuss:
- What line 2B is within the 3 lines of defense model
- The business case for 2B
- What the regulators have to say about it
- Key considerations for rolling out a 2B
- My personal experience and lessons learned in developing the line within an enterprise level organization
12:30
45 minBreak
13:15
45 min
Compliance Risk Lifecycle
- Key aspects of managing Compliance Risk
- What is compliance risk
- Legal and financial implications
- Adverse impact on reputation
- Lower market share
- Establishing a culture of compliance and creating awareness
- Importance of establishing a culture of compliance from the Business inwardly
14:00
60 min
Operational Risk and Financial Reporting Risk
- Is Financial Reporting Risk same as SOX
- Is Internal Control over Financial Reporting framework only for publicly traded companies
- How Operational Risk Management principles apply to managing Financial Reporting Risk
- Engaging key stakeholders and having regular meaningful conversations
- What are the challenges and opportunities
15:00
15 minBreak
15:15
60 min
The Future of Operational Risk
Amala Selvaraj, Senior Vice President, Internal Audit QA - Risk, Treasury, & Finance, Citibank
- Next-generation operational risk management and risk based approach to ORM
- Impact on operational risks due to the transformation of the banking model and financial services delivery
- Loss v/s Incidents and the fallacy of non-financial impacts
- Increased role of the 1.5 line of defense
- Use of data and real-time analytics
16:15
Closing Remarks from the Chair
Pre-Conference Workshop: Monday, October 24, 2022
13:00
180 min
Operational Risk 101
Sachin Baviskar, Senior Manager, Enterprise Risk Services, Ernst & Young LLP
This half-day workshop is for newcomers to operational risk, those wanting a career in operational risk, and for those where operational risk is now a part of their role or responsibilities, and for those who need to have a good understanding of effective operational risk management (ORM) programs.
This workshop will provide you with a meaningful understanding of operational risk management through experiential learning. By the end of the workshop, you will be able to: understand increasing regulatory expectations, discuss your challenges with embedding an effective ORM program, describe ORM building blocks and be an intentional and effective operational risk manager.
- Regulatory landscape
- Operational Risk ecosystem
- ORM value proposition
- Foundational elements of ORM
- Operational Risk Appetite
- Operational Risk Taxonomy
- Operational Risk Events (ORE)
- Risk & Control Self Assessment (RCSA)
- Key Risk Indicators
- Scenario Analysis
- Issue Management
- Operational Risk reporting
- User centric training
- Characteristics of an effective operational risk manager
16:00
End of Pre-Conference Workshop