This certification has been designed for all staff in organisations who wish to develop their ability to manage operational risk in their functions.
For staff in the operational risk management function, this certificate would enable the individual demonstration a practical and professional understanding of operational risk environment in the organisation. It would also help prepare the holders for higher responsibilities within the industry.
The certificate is also very important for senior managers with an operational risk oversight role. The certificate is based on ISO 31000: 2009 Risk Management Principles/ Guidelines, Basel Accords and the COSO framework.The syllabus covers all aspects of operational risk management process, modeling and stress testing. The Examination is in two stages: Stage One [ fundamentals] and Stage 2 [ Advanced].
Who should apply?
- Managers and officers in operational risk management function
- Process and business owners
- Team Leaders
- Holders of the CRMP certificate issued by RMA
- Enterprise Risk Managers
- Operational Risk Managers
- Operations Managers
- Internal Auditors
- HR officers
- Compliance officers
- Consultants
- Regulators
- All staff in an organisation
Course Content
Emerging risks, Conduct and Risk Culture
Risk identification tools and emerging risks
Tools and techniques for risk identification
Exposures and Vulnerabilities
The Risk Wheel
Value drivers and reverse stress testing
Risk register: a list
Risk connectivity: network of risks
World economic forum: risk map
Emerging risks
Implementing ORM: the invisible framework
Governance of Operational Risk
- 1st line and 2d line: The partnership model
- Use and reuse: The Invisible Framework
- Business value of ORM
Risk reporting and Conduct reporting
Modern issues on events and risk reporting: the regulator’s view
Analysing operational risk data: get insight, tell a story
Management information: the “reporting cake”
Aggregate and escalate risk information: your options
Conduct reporting: themes and details
Highlights of best practice, Group discussion and sharing of experience
Defining Risk Culture
Acting on behaviours: the Influencer
Necessary conditions: willingness and ability
Risk Culture: DESIRE steps: Define – Inspire – Support – Enable – Reinforce – Evaluate
Assessing the risk culture
Risk Appetite, Internal controls and KRIs
Defining Risk Appetite statements and tolerance limits
Industry guidance on Risk Appetite
Risk appetite, tolerance, risk limits and controls
Templates and options for actionable Risk Appetite
Risk Appetite Statements: Features and Examples
Cascading Risk Appetite: RCSA & Indicators
KRI and risks limits
Slips and mistakes: Typology and causes of human errors
HRA: Human Reliability Analysis and other methods
Understand and treat the causes of human error
Effective or Illusory controls
Prevention by Design
Root causes analysis – the bow-tie
Root cause analysis: tool and method
Benefits of root cause analysis: tracking the common failures and systematic patterns
Treating causes over symptoms
Bow-tie: a most effective tool to define
Preventive and corrective controls
Leading KRIs
Risk likelihood and expected impact
Features and types of leading KRIs
Features of leading KRIs
KRI, KPI, KCI: definitions and uses.
A typology of Key Risks indicators
KRIs: metrics of risks drivers
Cyber Security, Scenario Analysis and Project Risks
Cyber threats and information security
Cyber threat landscape
An old emerging risk
Key controls in cyber security
Physical and behavioural measures
Priorities in prevention
Lessons learnt from some incidents
Scenario Analysis: Governance, Stress testing and Assessment methods
Four dimensions of stress-testing
Steps and governance of scenario analysis
Tackling behavioral biases in scenario assessment
Industry practices and lists of scenarios
Assessing probabilities of rare events
Acting on Scenario Analysis
Reorganisation risk and project management
Risk due to changes and re-organisations
The trap of cost-cutting
Invisible opportunity costs
Essentials of project risk management
Ways to obtain CORP
There are two [2] ways to obtain the CORP certification:
- Competency-Based Evaluation Program
- Exam-Based Evaluation Program
- Certified Market Risk Professional [CMRP]
- Certified Credit Risk Professional [CCRP]
- Certified Risk Management Professional [CRMP]
- Certified ERM Professional [CERMP]
- Certified GRC Professional [CGRCP]
- Certified Compliance Professional [CCP]
- Advanced Risk Management Professional [ARMP]
