Today, April 1, 2013 see the introduction of one of the most significant and far reaching changes to UK Financial Services regulation for many years. The change referred to is of course the splitting of the Financial Services Authority (FSA) into two new regulatory bodies, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Who is the Financial Conduct Authority (FCA)?

The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its aim is to protect consumers, ensure the industry remains stable and promote healthy competition between financial services providers. It will supervise the conduct of approximately 26,000 firms across all financial industry sectors and the prudential standards of approximately 23,000 firms not regulated by the Prudential Regulation Authority (PRA).

The Financial Conduct Authority (FCA) has one overriding purpose; to make financial markets work well which is underpinned by three main objectives:

1. Delivering consumer protection: securing an appropriate degree of protection for consumers.

2. Enhancing market integrity: protecting and enhancing the integrity of the UK financial system.

3. Building competitive markets: promoting effective competition in the interest of consumers.

Click here for more about the FCA

Who is the Prudential Regulation Authority (PRA)?

The Prudential Regulation Authority (PRA) is part of the Bank of England and responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

The Prudential Regulation Authority (PRA) has two statutory objectives:

1. To promote the safety and soundness of all the firms it regulates. This involves firms having resilience against failure and — in the event they do fail, or simply in the course of business — avoiding harm resulting from disruption to the continuity of provision of financial services. In promoting safety and soundness, the PRA will be required to focus primarily on the harm that firms can cause to the stability of the UK financial system.
2. Specifically for insurers, to contribute to the securing of an appropriate degree of protection for those who are, or may become, policyholders

It makes an important contribution to the Bank’s core purpose of protecting and enhancing the stability of the UK financial system.

Click here for more about the PRA

In this executive briefing, StratexSystems invites two of it’s clients to share their experiences at different stages of the Enterprise Risk Management journey.

The first client is the UK's largest financial services outsource provider, who started their ERM journey in 2006/07 as one of their drivers of rapid growth, but were forced into a u-turn by the credit crunch. They will present insights on:

• Delivering effective organisational change
• Shaping the risk culture
• Engaging constructively and proactively with the regulator
• Preparing for further regulatory change including preparations for the introduction of the FCA & PRA

The second client, is one of the UK's newest and fastest growing banks, which started their journey in 2010. They will focus on:

• Establishing a risk culture within a small but rapidly growing organisation
• Aligning the ERM agenda to the strategic agenda
• Building buy-in and engagement across an emerging culture
• Understanding some of the challenges and benefits of enabling the ERM process with software

Details

When: March 21st, 2013

Where: City of London

Time: 08.45 am

Venue: The Mercer Restaurant & Bar - 34 Threadneedle Street, London EC2R 8AY

Cost: Free of Charge, Complimentary Breakfast + Tea/Coffee

Keynote Speakers

Gillian Weatherill, Head of Enterprise Risk Management, Homeloan Management Limited

Kevin Pearce, Head of Operational Risk, Aldermore Bank

Register Now on The StratexSystems Events Page HERE

Please add comments below or share your comment on the Risk-Based Performance Management LinkedIn group

Please add comments below or share your comment on the Risk-Based Performance Management LinkedIn group

I have used this tool very successfully with many clients to help them establish a robust starting point for their risk management initiative.

I am interested to hear if and how others are using this ‘Strategy’ tool in their risk management projects.

Share your views with me on LinkedIn, Twitter or Facebook

Thanks

CEO & Founder Andrew Smart of Manigent, will be leading one of the sessions at The Fundamentals of Operational Risk training Event on February 20-21^st 2013 at the Kingsley Thistle Hotel in London! Hosted by Operational Risk and Regulation Magazine, this event will provide a hands-on introduction to implementing operational risk practices for junior level and newly appointed risk managers working within operational risk.

During this two day event, Andrew Smart will be leading the Group Workshop: "Operational risk case studies" by providing valuable insights into recent high profile operational risk cases. Please be sure to join andrew and other leading industry experts at this event for a comprehensive learning experience!

About the course

With the management of operational risks at the forefront of the regulatory agenda, it is essential that practitioners are fully equipped with the skills and knowledge to implement methodologies to measure and control operational risk. With these challenges in mind, Operational Risk and Regulation Magazine is delighted to present a comprehensive learning experience for junior level and newly appointed risk managers working within operational risk.

The two day programme will present a best practice approach to operational risk and provide a thorough and hands-on introduction to implementing operational risk practices. Focus will be placed on the key principles, tools and methodology under-pinning the operational risk framework while also taking into consideration wider issues such as risk culture, governance and regulatory reporting.

The course is delivered by experienced practitioners and delegates will be immersed in a friendly learning environment which will encourage discussion and debate.

Learning outcomes

• Address data challenges and how to use data effectively
• Factors to consider when setting up an integrated OR framework
• Identify the key elements of risk culture
• Understand best practice approaches to using KRI’s
• Discuss the relationship between risk management and corporate governance
• Consider recent high profile op risk cases

Leading Industry Speakers

Sabine Abenthum, Operational Risk Manager, DZ BANK AG

Bertrand Hassani, Head of Major Risk Management & Scenario Analysis, SANTANDER UK PLC - Linkedin

Marc Paasch, EMEA Financial Institutions Industry Leader, MARSH RISK CONSULTING - Linkedin

Caben Thancanamootoo, Head of Operational Risk, BCME BANK INTERNATIONAL

Geoffrey Nicolay, Operational Risk & Compliance Officer, EUROPEAN INVESTMENT FUND - Linkedin

For Booking and additional information please click HERE.    

The FCA will be responsible for:

• ensuring that relevant markets function well
• for the conduct supervision of financial services firms
• the prudential supervision of firms not supervised by the Prudential Regulation Authority (PRA).

The single strategic objective of the FCA will be

Manigent, a Strategy and Risk Management specialist, is pleased to announce a series of workshops and executive briefings in London, Riyadh, Doha, and Dubai.

These events are focused on providing an opportunity to bring professionals working in the fields of strategy and risk management to share the latest thinking on how these two management disciplines can be integrated to provide a more robust strategy execution framework.

The workshops and executive briefings will be based on the Risk-Based Performance Management methodology developed by the event's leader, Andrew Smart [Pre-order his upcoming RBPM book on Amazon].

Event Objectives:

• To gain an understanding of the Risk-Based Performance Management methodology.
• To develop an understanding of risk appetite & a clear, actionable framework for defining risk appetite.
• To understand the relationship between strategic objectives, risk appetite and risk exposure, and tools for managing this relationship.
• To understand the role of strategic objectives and key risks, how to define, integrate and align these.
• To understand the role of initiatives and actions, and how they are aligned to drive your complete change agenda.
• To understand the role of risk and control assessment, and key indicators and how assessment and indicator data can be used together to drive better decision-making.
• To gain a detailed understanding of the Risk-Based Performance Management implementation roadmap
• To gain an understanding of the Risk-Based Performance Management Maturity Model and how it can be used before, during and after implementation of a new strategy and risk framework.

For more information, please view our events page HERE. 

Event Dates:

London: March 25^th – 26^th

Riyadh: April 27^th

Doha: April 28^th

Dubai: April 29^th – May 1^st

Sign Up: 

About Risk-Based Performance Management

Risk-Based Performance Management (RBPM) is a strategic management methodology that integrates enterprise strategy, performance and risk management to enable organisations to align risk-taking to strategy to drive sustainable strategic execution. The RBPM methodology is designed to place risk management and specifically, risk appetite at the core of organisational strategy execution.

Building on existing management frameworks, such as the Balanced Scorecard, COSO and ISO31000 frameworks, RBPM developed as a result of a series of engagements completed with clients in the UK financial services industry in 2006/07. The methodology was further refined during a year-long academic research project involving 21 financial services organisations in the city of London.

Event Sponsors:  

Many thanks! We look forward to seeing you at our Events!

The best tablet apps for business and productivity will be celebrated at TabTimes TabletBiz conference & expo on November 27 in New York City.