Workshop 2: Key components of an effective operational risk framework 
October 20th, New York

Rajat Baijal, Head of Operational Risk and Control, CANTOR FITZGERALD / BGC PARTNERS

8:30 Registration and breakfast

9:00 Introduction

  • Background on operational risk
  • Operational risk evolution, recent industry events
  • Key challenges in the global landscape
  • Regulatory concerns
  • Risk reward argument
  • Conduct Risk / Culture of the firm

10:30 Morning coffee break

11:00 RCSA

  • Critical aspect of Operational Risk Framework
  • What does a good RCSA look like?
  • Management buy in / cultural issues
  • Tackling the 'self-assessment' issue
  • "Don't Reinvent The Wheel" - avoid silos; work with other risk and control functions
  • Key Risk Indicators

12:30 Lunch

1:30 Risk event management

  • Challenges around measuring op risk
  • Big data analytics and how do you use it for operational risk
  • How business units run RCSA based on the loss distribution process?
  • Analytics for best operational risk execution, how data is being factored and being remediated by business units
  • Why risk event quality and quantity is critical
  • What does a robust risk event management process look like
  • Importance of external data

3:00 Afternoon coffee break

3:30 Scenario Analysis

  • Quantifying operational risk, regulatory requirements
  • Operational risk modelling
  • How does RCSA and risk event management help?
  • Assisting good risk management
  • Governance and senior management buy in

5:00 End of the workshop

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