Webinar Recording: Automating the Risk Appetite Statement Governance Process
Webinar Recording: Find out how you can quickly and efficiently Track, Action, and Report against a firm's Risk Appetite Statement in Real Time, and on an ongoing basis.
During this recording Richard Pike, CEO, Governor Software talks through Risk Appetite Statement Governance. Paul Manson, Head of EMEA Region, Govenor Software, then walks through a live demo explaining how you can quickly Automate your RAS Governance process.
For many years Richard Pike, CEO, Governor Software, has held non-executive director roles at financial firms advising on Governance, Compliance and Operational Risk. He currently sits as Chairman of Citadel Securities (Ireland) Ltd, Chairman Board Risk committee Starling Bank International and NED Citadel Europe and FBD Insurance plc.
As a non-exec director, Richard is very aware of the amount of information that firms are legally required to collate to be regulatory compliant, including having a written and approved Risk Appetite Statement (RAS) that is monitored on an ongoing basis to ensure the Firm's actual Risk profile is aligned with its Risk Appetite. Richard is also very aware of the challenges in ensuring the data is collated correctly and presented to the Senior Management and Board in a timely manner.
How do you currently undertake this process.
For many, the complexity in collating RAS information, arises in aggregating risk metrics from multiple business lines and regions. Typically, this data is aggregated manually from front-office and middle office platforms by tools such as Excel within the risk management team. This error prone process not only lacks the necessary depth of governance required for Audit but can take up significant time from highly skilled resources. As well as potentially missing RAS breaches between reporting periods during volatile markets, it also becomes difficult to trace actions, tasks and approvals to manage those breaches. This potentially means the Board is making decisions on out of date irrelevant information.
During this 30 minute webinar, Governor Software will demonstrate how you can easily achieve:
Real Time Monitoring: Ability to Track, Action and Report RAS in real time on an ongoing basis between reporting periods. Simple immediate Status Reporting tailored for Senior Management needs, dovetailed with regulatory obligations (SMCR, SEAR, etc).
Data Quality and Granularity: A single source of truth, reduce opportunity for human error, minimizing Risk of Regulatory Fines and Reputational Damage.
Accountability: Provides clearly defined accountability and responsibility (workflows) for report preparation.
Auditability: All manual and automated changes are captured enabling highly streamlined audit preparations.
Transparency: Clear line of site between current status, issues and actions.
Traceability and Breach Management: Demonstrate current/previous risk management efforts to the board and internal/external parties in both an efficient and effective manner.
Operational Efficiencies: Up to 30% reduction in operational effort within risk teams. Free up skilled resources for value-added work.
Richard has extensive experience of working with financial institutions throughout the world, assisting companies in managing enterprise risk more efficiently while addressing regulatory guidelines and standards.
Richard is also currently Chairman at Citadel Securities (Ireland) and Chairman Board Risk committee Starling Bank International, as well as a Non-Executive Director at National Cyber Security Society, FBD Insurance plc, JP Morgan Fund administration, JP Morgan hedge fund administration and Citadel Europe.
In 2009, Richard was recognized as a "Top 50" Face of Operational Risk by Op Risk & Compliance magazine.
Paul is responsible for Governor Software’s EMEA region and global sales business.
Paul has over 30 years client-facing and management experience in the financial technology space, with companies including Matrix-IFS, Wolters Kluwer Financial Services, DST, Algorithmics and Reuters. Covering the front-, middle-office and compliance functions, Paul has a strong background in the regulatory challenges that institutions face in risk management, regulatory reporting, GRC, AML and fraud spaces.
Paul has been involved in several new technology global projects in the Banking and Insurance sectors, both from a technology and business perspective.