Scenario analysis complements the risk assessment process, which often overlooks material events that only happen infrequently, such as natural disasters, acts of terrorism, and data breaches. This webinar will highlight the importance of scenario analysis, its objectives and expected benefits, and the ideal methodology for quantifying and reporting operational risk scenarios.
Why Should You Attend
Scenario analysis has become an important tool in the practice of operational risk management. Subject matter experts develop and analyze unlikely but plausible extreme events that might result in significant losses for a financial services company. Examples are natural disasters, acts of terrorism, data breaches, class action suits and fraud.
Understanding and estimating the likelihood and impact of extreme events is essential to effective risk response and capital planning, stress testing, risk financing (i.e. insurance), business continuation planning, and preparation of own risk and solvency assessment (ORSA) reports. This webinar will outline the objective, methodology, roles and responsibilities, and reporting best practices of operational risk scenario analysis. It will also discuss the link between scenario analysis and regulatory capital requirements imposed on financial institutions.
- Background: why scenario analysis?
- Objectives and expected benefits
- Methodology for selecting, analyzing, quantifying and reporting operational risk scenarios
- Understanding secondary and tertiary impacts Understanding impact to reputation
- Scenario analysis as a component of the operational risk capital requirement calculations
- Risk response (avoidance, reduction, sharing and acceptance)
- Reporting results to the board of directors and external stakeholders
Who Will Benefit
This webinar will benefit individuals occupying the following positions in the financial services industry:
- Risk Officers
- Compliance Officers
- Internal and External Auditors
- Financial Controllers
- Operations Managers
- Information Technology Managers
Mario Mosse has over 40 years of experience in operational risk management, internal audit and regulatory compliance at financial services companies. He is the president of MMosse Consulting, LLC, where he provides risk management advice and training to the financial services industry. Previously, he was the head of operational risk management at Prudential Financial, Inc. Prior to joining Prudential, Mr. Mosse was with The Chase Manhattan Bank, where he held several senior positions in internal audit and risk management
"Operational Risk Scenario Analysis" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 1.8 CPE credit up on full completion of the course.
Training Level: Intermediate