Operational Risk Management Keeping you on the leading edge of operational risk management and empowering you with proactive risk insights while improving your bottom line. Establish and transform Operational Risk Management (ORM) functions. We help you to assess, build, and integrate operational risks into your operational risk management program to enhance risk management capabilities.Proactive leaders understand they must adopt more innovative operational risk management practises to succeed against the challenges of today’s customers, shareholders, employees, and the risk and regulatory environment.Leveraging emerging technologies, harnessing data and information, understanding organisational processes, and maintaining a strong control environment will help firms stay on the leading edge of operational risk management and empower leaders with proactive risk insights while improving their bottom line. We help you to identify, construct, and integrate operational risks Survey December 7, 2023 Executive Perspectives on Top Risks for 2024 and 2034 The 12th annual Top Risks Survey report highlights top-of-mind issues for directors and executives around the globe over the next year - 2024 - and a decade later – 2034. Learn more Our operational risk management services Pro Briefcase ORM program strategy and management ORM program strategy and governance are key to successfully meeting regulatory guidance. We help you establish risk governance and frameworks, document policies and procedures, identify and quantify risk and risk appetite. Pro Building office Operational risk assessment Develop, integrate, and execute operational risk assessment programs, across people, process, and technology risks. Insight into the effectiveness of your ORM program is key to maintaining an agile function capable of responding to the changing environment. Pro Document Consent Control environment design and assessment Effective operational risk mitigation needs mature risk and control environments. We help you develop and enhance control environments by assessing/defining processes, identifying/documenting risks, developing/documenting controls, addressing control gaps and optimising controls. Pro Document Files Control validation and testing We enable your lines of defence to design and implement monitoring and testing programs, including creating/executing coverage plans, automated techniques, and centralised testing. Effective controls for validation and assurance are critical to managing risk. Pro Document Stack Risk Control Self-Assessment (RCSA) design and implementation Protiviti provides expertise related to establishing RCSA programs, developing RCSA methods, implementing supporting risk technology tools, and executing advisory assistance. The RCSA process helps actively manage risk to business strategies and supporting processes. Pro Legal Briefcase Issue management support Remediate identified gaps and enhance your control environment by shepherding issues through and improving the issue management life cycle, identifying risks, developing controls, and updating processes to ensure risk mitigation and issue closure. Pro Workflow Flowchart ORM analytics Harness the power of data across your organisation, leveraging leading technologies and data analytics to transform data to provide insight and foresight for management and proactive operational risk management reporting. Pro Tools Gear Technology risk management As the organisation adopt new technologies, risk and exposure grow. We help design and implement operating models to manage technology risk and better control IT systems, people and processes. Our technology risk offerings reduce cost and risks while increasing agility. Our approach to operational risk management Protiviti has a record of success in helping clients develop strong risk management practises with the responsiveness required for an ever-changing business environment.We work with over 75 percent of the world’s largest financial institutions, which benefit from our collaborative team approach to resolving today’s risk management challenges.Our professional consultants have varied industry and regulatory backgrounds that enable our unified financial services practise, with the seamless integration of risk and compliance, technology, data, and analytics solutions, to develop customised agile risk management approaches to meet your present and future challenges.Our expertise gives you the tools to build an effective operational risk management program to reap both immediate and long-term benefits using the framework: Risk management and regulatory compliance go hand-in-hand. Find out more about Protiviti's regulatory compliance services. Click here CPS 230 – APRA’s new standard to improve operational risk and resilience The new standard sets minimum operational resilience requirements that must always be maintained to ensure that any disruptions minimise consumer harm. Read more Transforming risk culture from the bottom up: A global insurance provider’s RCSA journey A leading global property and casualty insurance provider set out to transform its risk controls as part of an ongoing effort to promote a culture of excellence. Siloed knowledge of operational risk and controls made it difficult for the organisation to improve quality and compliance. Read more Featured insights INSIGHTS PAPER Part 2: Risk transformation and the intersection with business transformation Risk maturity is a measure of an organisation’s risk management capabilities and culture. As organisations raise their risk maturity, it enhances elements across governance and framework, processes, people and organisations, methodologies, systems... PODCAST Risky Women Radio | Women in Risk Management: Challenges and Opportunities Dive into the world of women in risk management. In this Risky Women podcast, Jenny Wong & Gayle Lacey discuss risk management challenges & opportunities. IN FOCUS Will CrowdStrike serve as a reboot on tech resiliency? Global IT systems are still in reboot and recovery after a software update by cybersecurity vendor CrowdStrike caused a massive worldwide outage of Windows computers. Global businesses, governments and organisations were impacted across several... INSIGHTS PAPER Part 1: Value chain mapping for risk transformation in Australia's new regulatory environment New regulations in Australia have created new priorities around governance, executive accountability, and operational resilience. The new rules raise pressure on firms to transform in multiple ways, including through value chain analysis. BLOGS Australian banking regulatory projects need more product manager support With so many changes to contend with in what feels like a never-ending series of unforeseeable events impacting people, processes, innovation, infrastructure and industries the world over, it’s a time of heightened risk and change on so many levels.... SURVEY 2024 Top Risks in the Financial Services Industry Protiviti and NC State University’s ERM Initiative have been conducting our Top Risks Survey for the past 12 years. This journey began just as financial markets around the world were starting their long, slow recovery from the global financial crisis... WHITEPAPER Privacy Act Review Privacy Act 1988 Review: A Compliance Burden or Welcome Change?It has been more than two years since the Attorney-General’s Department announced[1]it would be undertaking a review of thePrivacy Act 1988. The review will likely result in... Button Button Leadership Mark Burgess Mark is a managing director and Protiviti’s risk and compliance solution lead. With over 17 years of risk and regulatory compliance experience in the financial services industry, he has a proven track record delivering deep insights for his clients.Mark has spent a ... Learn More Hirun Tantirigama Hirun is a managing director with 15 years’ experience in providing risk and regulatory advisory services across a variety of clients and industries. He has led complex, transformational programs across areas such as operational risk, regulatory remediation, operational ... Learn More Ruby Chen Ruby is a director with over 12 years of experience in the financial services industry, of which about ten years worked in the Big Four banks before transitioning into consulting. She has had a broad range of experience providing advisory services and secondments across ... Learn More
