Day One: Tuesday, October 15, 2024
10:30
15 min
Welcome and Opening Remarks from the Chair
10:45
60 min
OSFI’s Operational Resilience and Risk guideline (E-21)
Elspeth Bowler, Managing Director, Operational Risk Division, OSFI
- Gain a comprehensive understanding of OSFI’s operational resilience requirements.
- Understand OSFI’s implementation approach to E-21.
- Emphasize the importance of adhering to E-21 guidelines to ensure regulatory compliance.
11:45
45 min
Comparison of AI Regulations using Large Language Models (LLMs)
- Analyze existing AI regulations across different jurisdictions using LLMs to identify key differences and similarities.
- Evaluate the impact of various regulatory approaches on AI development and deployment with insights generated by LLMs.
- Synthesize recommendations for best practices in AI governance by leveraging the comparative analysis provided by LLMs.
12:30
60 minBreak
13:30
45 min
Operational Resilience – Observations from Canadian Fis and Globally
- Strengthen critical infrastructure to ensure continuous operation during disruptions, leveraging lessons learned from global best practices.
- Implement comprehensive risk management frameworks that identify, assess, and mitigate potential operational threats, drawing insights from both local and international financial institutions.
- Enhance communication and collaboration strategies across departments and with external partners to improve response and recovery times, incorporating successful approaches observed worldwide.
14:15
45 min
Cyber Resilience as the Crux of Operational Resilience in the Financial Services Industry
Emeka P. Nwigwe, Information Security Manager, Assiniboine Credit Union
- Prelude.
- The Importance of Operational Resilience in Financial Services.
- The Role of Cyber Resilience in Operational Resilience.
- Key Components of Cyber Resilience.
- Building a Cyber Resilient Culture.
- Technological Innovations Supporting Cyber Resilience.
- Measuring and Improving Cyber Resilience.
15:00
45 min
A Framework to Connect Risk Appetite, Risk Limits, and Key Risk Indicators
- Clearly establish risk appetite thresholds for your organization.
- Set precise risk limits tailored to diverse scenarios.
- Implement key risk indicators to detect and manage deviations effectively.
15:45
45 min
Identifying and Addressing ORM Hurdles
- Analyzing negative feedback trends to uncover common issues and potential reputational risks.
- Implementing strategic response plans to mitigate damage and improve public perception.
- Monitoring ongoing conversations and reviews to swiftly address emerging ORM challenges.
16:30
End of Day One
Day Two: Wednesday, October 16, 2024
10:00
10 minWelcome and Opening Remarks from the Chair
10:30
60 min
Unmasking Fraud: Strategies for a Proactive Defense
Corina Farbacher, Chief Governance and Risk Officer, Affinity Credit Union
- Implement fraud detection systems
- Conduct regular audits and investigations
- Educate employees on fraud prevention
- Strengthen internal controls and monitoring
- Respond swiftly to suspected fraudulent activities
11:30
60 min
Awareness and Identification of Emerging Risks
- Conduct regular risk assessments to identify potential threats and vulnerabilities.
- Monitor industry trends and market fluctuations to detect emerging risks.
- Engage stakeholders and gather feedback to raise awareness of evolving risks and their potential impacts.
12:30
45 minBreak
13:15
60 min
Latest Trends in GRC
- How firms are rethinking their GRC strategies.
- How to optimize your GRC investments to enable risk program success.
- Reimagining GRC Strategies: learn how firms are evolving their approaches to governance, risk, and compliance.
- Maximizing GRC Investments by Strategizing and optimizing GRC investments to drive successful risk management programs.
14:15
60 min
Learning from FINTRAC AMP Cases: Avoiding Mistakes and Leveraging VSDONC
Join us for an insightful session focused on the evolution and impact of FINTRAC’s Administrative Monetary Penalties (AMP) regime. Learn from historical AMP cases to identify common compliance mistakes and discover effective strategies for avoiding penalties. We will also cover the Voluntary Self-Declaration of Non-Compliance (VSDONC) program, offering practical guidance on proactively addressing and rectifying compliance issues. Enhance your understanding of FINTRAC’s framework and strengthen your compliance practices to mitigate risks and demonstrate regulatory commitment.
15:15
60 min
Integrating Social Risk into Operational Risk Management Frameworks
- Identify potential social risks by conducting thorough stakeholder analyses and community impact assessments.
- Develop comprehensive risk management strategies that incorporate social risk factors into existing operational risk frameworks.
- Implement training programs for employees to enhance awareness and responsiveness to social risks within the operational context.
16:15
End of Day Two
Post-Course Workshop: Thursday, October 17, 2024
10:00
180 minOperational Risk 101
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