Operational Risk Management
- Has your institution established a formal, independent Operational Risk program and framework, endorsed by senior management?
- Is your Operational Risk program designed to actually reduce risk or simply generate reports?
IMAG is expert in the design and implementation of Operational Risk programs and methodologies which really reduce risk. Using COOLMaps to pinpoint risks and vulnerabilities to all audiences, we develop a three step program to establish and enhance the scope and effectiveness of Operational Risk Management programs.
Using COOLMaps, we assist executive management’s recognition and promotion of a risk-based culture such that risk and control principles are embedded within product and service lines of the entire organization.
Composed of seasoned banking professionals, IMAG’s Operational Risk team assists clients with the development and implementation of properly defined frameworks within which risks are promptly identified, assessed, managed, monitored, and reported throughout the organization. Components of the program include:
- Right-sized risk taxonomies dependent on the scale and complexity of your business
- Risk and Control Self Assessment
- Loss data collection
- Scenario Analysis
- Key Risk Indicator definition, deployment, and analysis
- Issue tracking and action plan progress
- Targeted management reporting
We ensure that the risk framework is kept to the highest standard and managed independently from business and operational functions, similar to internal audit structures.