2nd February 2015, London, UK. A leading European Financial Services Regulator has deployed the StratexPoint solution from StratexSystems to underpin its regulatory risk framework, as it seeks to enforce an intensive and intrusive supervisory approach in the wake of the 2008 credit crunch. The solution enables the regulator to deliver its statutory objectives, which are focused on maintaining the stability of the financial services sector, by supporting the supervisory activity across 30,000 regulated firms.
Read MoreSuccessful Risk Management Starts Small
According to Peter Spier of CMS Wire, businesses should commit to developing organisational risk management processes by starting small and begin this process by identifiying the data that is most important.
An exerpt from the article states, "According to the Privacy Rights Clearinghouse, 31,110,318 records were breached worldwide in 2011 with 18,739,183 more year-to-date. Given the deep pockets of such high-profile breached organizations as Sony, RSA, Global Payments and LinkedIn, what can your organization do to protect its valuable assets against concerted effort if not human error?"
The article explains that organisations must recognise the levels of data security, balance their risk and business needs, and to effectively communicate and raise awareness of their organisations data classification policy to their employees.
To read more go HERE.
Strategy and Risk “How to…” Webinar Series
StratexSystems is pleased to announce a four-part series of “How to…” webinars which address Strategy and Risk Management related challenges, and offer innovative solutions, expert advice and tips to overcome them. It is a chance for you to gain insight and hear how other clients have delivered robust strategy and risk management frameworks and processes enabled by our proven technology solution, StratexPoint.
These webinars are aimed at the CRO, CFO, CIO, Head/Director of Operational Risk, Head/Director of Finance, Head/Director of Strategy, Head/Director of Compliance, Head/Director of IT, and other professionals who deal with RMP/Section 166 actions, Basel 3, Solvency2, Dodd-Frank regulations etc.
The “How to…” series is as follows:
“How to… Integrate Strategy and Risk Management”
28th September 2011, 16:00 BST / 11:00 EDT
“How to… Deliver an Effective, Robust Risk Framework while responding to a Regulatory Action”
19th October 2011, 16:00 BST / 11:00 EDT
“How to… Lower Operational Losses via Risk Management”
9th November 2011, 16:00 GMT / 11:00 EST
“How to… Leverage SharePoint for Risk Management”
30th November 2011, 16:00 GMT / 11:00 EST
Updated Control Self-Assessment Dashboard
Control Self-Assessment is a key process in management risk and controls framework. Below is an updated version of StratexPoint’s very popular Control Self-Assessment Dashboard.
FSA fines Barclays £7.7 million
The Financial Services Authority (FSA) has fined Barclays Bank plc (Barclays) £7.7 million for failures in relation to the sale of two funds. In addition to the fine, it has been estimated that this operational failure could cost Barclays up to £60 million in compensation, £17 million of which has already been paid out to customers.
This fine is the largest imposed by the Financial Services Authority for a case involving retail investors and the sixth largest in the regulator’s history.
Understanding and embedding Risk Appetite–Learning from Mastercard
This excellent presentation by Spencer Schwartz from Mastercard has a number of interesting points for any organisation looking to understand and embed risk appetite into their organisation.
The Institute of Operational Risk has published a Key Risk Indicators Sound Practice Guidance paper
The Institute of Operational Risk has published a Key Risk Indicators Sound Practice Guidance paper to address the lack of written support on the effective application of this important tool.
This Guidance paper covers the whole of the Key Risk Indicators (KRI) process from their selection to their use in risk reporting and assessments. Download the Guidance paper here.
Update from the NC State University ERM Initiative
The most recent newsletter from the North Carolina State University College of Management’s ERM Initiative includes a couple of particularly interesting articles from the perspective of the linkage between strategy, performance and risk management.
Linking ERM and Strategy: An Example from Target Corporation
Launching an ERM process can be a daunting task, especially in large, complex organizations. The importance of keeping the risk oversight process simple, but strategic, can be the key to realizing strategic value from ERM. Tony Heredia, Vice President of Corporate Risk and Responsibility at Target Corporation, shared insights from his experience in helping strengthen their organization’s integration of enterprise risk oversight and strategy. Creating opportunities for executive management dialogue about critical emerging risks is proving to be invaluable as the company navigates the highly competitive retail business in the new economy. Read about the Target experience
Panel of ERM Experts Discusses “The Value Proposition of ERM: Strategic or Compliance”
The ERM Initiative’s October 1, 2010 ERM Roundtable Summit featured a panel of executives responsible for ERM leadership at organizations including Advance Auto Parts, Standard & Poor’s, RTI International, and Public Service Enterprise Group that discussed the topic of positioning ERM for strategic versus compliance benefits. Among numerous practical suggestions was the overarching reality that, for ERM to be successful, leaders need to realize that there is no one-size-fits-all approach to ERM and that effective ERM is one that fully considers the culture of the organization and the importance of board and CEO support. Read more
Leverage your SharePoint platform to deliver your GRC framework
Governance, Risk and Compliance (GRC) is a popular and broad term which put simply, provides a framework for collaboration between the traditionally siloed functions of governance, risk management, and compliance. Michael Rasmussen, who coined the term “GRC” while at Forrester, states "It is to get different business roles to share information and work in harmony"
With collaboration as the watch word for not only GRC, but also widely used strategy methodologies, like the Balanced Scorecard, Microsoft’s SharePoint was the natural development platform on which to build our solution. As a leader in five Gartner Magic Quadrants - Portal, Enterprise Content Management, Search, Business Intelligence and Social Computing - SharePoint is one of Microsoft’s most successful enterprise solutions. It is also a solution around which a huge, and ever expending network of partners and application providers has focused development.
In the post-credit crunch age, many organizations are reviewing the technology they use for strategic processes, including GRC reporting. Many of these organizations have SharePoint deployed but may not be fully leveraging their investment. StratexPoint is the only SharePoint application available today that fully supports and embeds collaboration into GRC processes. StratexPoint goes beyond traditional GRC solutions by offering a fully integrated performance and risk management solution that is specifically designed to support and align organization management information at both a strategic and operational level.
StratexPoint enables Risk-based Performance Management deployment across US retail bank network
Risk-based performance has been selected as the framework to support the roll out of an integrated, enterprise-wide performance and risk framework, after a rigorous proof of concept process.
This deployment will cover the entire US network of a US retail bank and will be enabled via StratexPoint, a SharePoint application for performance and risk management. Given the nature of this deployment with an emphasis on cultural change and the need to embed performance and risk management, collaborative nature of StratexPoint, the ease of roll-out to 1500+ users and comprehensive functionality was critical in the client’s decision-making.
