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| Home > Consulting services > New Generation Risks > NF & Operational Risks > Organizational framework and Responsibilities > Designate an operational risk management unit to serve as a facilitator |
| Designate an operational risk management unit to serve as a facilitator |
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Without a clear vision, mandate, framework and responsibilities, operational risk management will fail. Day-to-day management of operational risk is the responsibility of the business units. Corporate management is charged with enterprise-wide policy and standards, supporting and holding the business units accountable. |
Best Practice
Form a coordinating unit for operational risk management headed by a senior manager and staffed with top talent to coordinate operational risk management efforts firmwide. In some firms the manager will head operational risk exclusively. In others, the individual may also serve as Chief Risk Officer. In any event, business units will direct their own operational risk efforts, but a separate corporate operational risk function will support and monitor their activities. In some industries (e.g. financial services), the function will be separate from Internal Audit.
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How can Haselfrė help?
Haselfrė empowers the board in setting the eight path for a governed organization. We help the board set the right strategies, align their strategies in accordance with good governance practices, use the sustained balanced scorecard methodology to align their vision and help them set the right performance criteria for preventive action. |
Value proposition of Haselfrë
Haselfrë empowers the board in setting the eight path for a governed organization. We help the board set the right strategies, align their strategies in accordance with good governance practices, use the sustained balanced scorecard methodology to align their vision and help them set the right performance criteria for preventive action |
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