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Three reasons why now is a great time for operational risk training

The current coronavirus pandemic has brought about national lockdowns, a surge in working from home, and changes to the operating rhythm of many financial institutions. This blog explores the benefits of engaging in bespoke operational risk training – with a live presenter – for firms today, to help prepare for the future.

These are challenging times for financial services firms around the globe – the impact of the COVID-19 virus is likely to be felt in both human and operational terms for some time. However, there is general agreement that it is the organizations that think strategically and act with agility that will thrive in the “new normal.” One way to ensure that employees and teams have the skill sets they will need is to engage in bespoke online training and workshops, led by a live course presenter. These courses can be delivered over Skype, Zoom, Microsoft Teams, and other, similar platforms. This form of online operational risk training during the current lockdown will enable organizations to:

  • Seize the opportunity to deepen understanding – In the current climate, some employees working from home may find that they have the time to undertake online training. For example, this could be because they no longer have a commute, or their workload has changed since the lockdown. These knock-on effects of the current social distancing regime can create a rare opportunity to deepen understanding of risk management. Firms should seize this window to help teams raise their operational risk expertise.
  • Prepare for what is to come – It is likely that when the current social distancing measures are lifted, and things begin to start up again, risk management and compliance teams are going to find themselves very busy. Financial firms will have to move with agility and speed to “put the ship right”, and it is also likely that the FCA will move at speed to implement its operational resilience agenda. Undertaking bespoke online training now on important topics such as stress testing, scenario analysis, and the ICAAP – or raising the overall operational risk capabilities – can help teams build their skills now, for use later.
  •  Enable employees to engage with each other – Bespoke online training with a live presenter has moved well beyond the days when it was just a speaker droning down through the ether. As with in-person training, this form of online training provides opportunities for interaction through discussion and question-and-answer sessions. Attendees are able to chat with each other as well as with the course tutor. In these days of social distancing, online training can provide a welcome opportunity for attendees to connect, as well as learn more about important topics.

In short, right now could be an excellent time to enhance the operational risk knowledge base of individuals, and deepen the risk culture across teams through bespoke online training with a live presenter.

Online Training

Considering the options

Chase Cooper has trained more than 300 financial services firms, both in the UK and overseas. Online training, delivered with a live presenter, can be created on a bespoke basis for firms around a range of topics, including:

  • The basics of operational risk, helping individuals or teams to develop an understanding of the essential concepts underpinning the discipline
  • The new regulatory approach to setting Pillar 2 capital requirements, with discussion on all elements of ICAAP. The workshop-style training combines regulatory guidance, real-life experience, case studies and clear, realistic examples.
  • Approaches to scenario analysis and stress testing, enabling firms to benchmark their scenario analysis practices against the industry as a whole, and gain a comprehensive, practical understanding and application of scenario analysis.
  • Integrating operational risk and operational resilience frameworks within an organization for a joined-up approach. Learn how firms can bring these two disciplines together to achieve regulatory compliance and robust business outcomes.

To learn more about the opportunities for  bespoke online operational risk training, with a live presenter, email the Chase Cooper operational risk training team or fill out our contact form.