The financial services industry is an essential component of any modern economy, providing a wide range of financial services to individuals, businesses, and governments. However, the operations of Banks, Insurance Companies, Brokerage Firms, Money Service Bureaus and Fintechs are complex and multifaceted, involving a variety of interrelated processes and systems.
Financial institutions must manage a vast array of transactions, from deposits and withdrawals to loans and investments, all while complying with an ever-changing regulatory environment. They must also handle data security, fraud prevention, and customer service, all of which add to the complexity of their operations.
Risk management is a critical aspect of financial services, as financial institutions are exposed to a variety of risks such as credit risk, market risk, liquidity risk, operational risk, and more. The failure to properly manage these risks can lead to significant financial losses, damage to reputation, and even the collapse of the institution itself.
RISK ASSESSMENTS
Quality risk assessments are essential for financial institutions to ensure financial stability, compliance with regulations, and protection of their reputation. They help financial institutions make informed decisions and take proactive measures to mitigate potential risks, resulting in improved financial performance and long-term sustainability.
RISK REGISTER
Doorstep provides a comprehensive risk register of best-practice risks and controls categorized by functional areas as well hands-on support through focused, collaborative and highly engaging on-premises Risk and Control Self Assessment Workshops (RCSAs).
BENEFIT FOR BANKS
You can use our risk register to compare with your own risks and add to them in case you have missed out something during the risk identification process.
SAMPLE CONTROLS
Similarly, the controls provided against each risk help stakeholders clearly understand their specific responsibilities regarding that risk.
Our RCSA Workshops
Workshops for internal risk and control assessments are crucial platforms for organisations as they provide a thorough grasp of possible risks and weaknesses while also strengthening internal controls for efficient risk reduction.
These organised workshops are intended to involve important parties, such as managers, executives, and operational personnel, in cooperative debates and evaluations of the risk environment facing the company.
Through the implementation of proactive risk management techniques, these workshops enable teams to recognise, assess, and rank risks that are unique to their areas of operation.
This enhances resilience and protects against unanticipated disruptions.
In-house risk and control assessment workshops are essential for improving organisational agility, increasing regulatory compliance, and cultivating a culture of continuous improvement and flexibility in the face of changing circumstances because they provide specific evaluations and actionable insights.
We organize workshops for a diverse range of functional areas including front office, back office and middle office workgroups.
Our workshops empower RCSA Coordinators to have a better, more holistic view of risks and controls allowing them to benchmark the same against industry best-practices.
TOPICS COVERED :
1. Definition of Risk, Risk Management and Benefits for the Organization
2. The Risk Management Lifecycle
3. Roles and responsibilities of various stakeholders
4. Risk Identification, Assessment and Prioritization
5. Control Assessment
6. Risk Monitoring, Reporting and Treatment
7. Developing Mitigation Plans and Key Risk Indicators
8. Functional specific risks and controls
9. Developing and maintaining the risk register
10. Takeaways : Best Practice Inventory of Risks and Controls for specific functions
AUDIENCE : Senor management, risk coordinators, one downs, and key staff in-charge of functional areas.
FUNCTIONS COVERED :
- Audit
- Card Services
- Cash Management
- Compliance
- Corporate Banking
- Correspondent Banking
- Customer Service
- Digital Banking
- Enterprise Risk
- Environmental, Social and Governance
- Financial Reporting
- Human Resources
- Information Security
- Information Technology
- International Banking
- Investment Bankin
- Investment Management
- Investor Relations
- Legal
- Marketing
- Operations
- Product Development
- Real Estate Finance
- Retail Banking
- Risk Management
- Small Business Banking
- Special Assets
- Strategic Planning
- Treasury
- Trust Services
- Wealth Management
DISCUSSIONS :
- Risk Policy and Procedures
- Risk Management Framework
- Role of Audit
- Role of Employees as Risk, Process and Control Owners
- Role of Unit Heads
- Role of Senior Management
- Role of the Board
- Importance of Incident Reporting
WORKSHOP FACILITATOR :
Ahmer Nehal