Operational Risk Leader (ORL™) Certification Program
New forces are creating new demands for operational risk management. Breakthrough technology, increased data availability, and new business models and value chains are transforming the ways organisations serve customers, interact with third parties, and operate internally. Any effective operational risk manager must keep up with this dynamic environment, including the evolving risk landscape.
Legacy processes and controls have to be updated to begin with, but organisations can also look upon the imperative to change as an improvement opportunity. The adoption of new technologies and the use of new data can not only improve operational risk management itself, but also provide new sources of operational risk. Within reach is more targeted risk management, undertaken with greater efficiency, and truly integrated with business decision making. This is why operational risk management certification is essential for every professional to improve your understanding in operational risk management.
When equipped with practical policies, processes, procedures, objective data and measurement, including an effective risk control self assessment (RCSA) process, the operational risk management function can well understand and evaluate the true level of risk. It is therefore in a unique position to see nonfinancial risks and vulnerabilities across the organization, and it can best prioritize areas for intervention. Together with the business lines, operational risk management can identify and shape needed investments and initiatives. This would include efforts to digitize operations to remove manual errors, changes in the technology infrastructure, and decisions on product design and business practices.
The relationship between operational risk management and the business can also integrate operational risk reporting and executive and board reporting—including straight-through processing rates, incidents detected, key risk indicators, and insights from complaints and customer calls.
Leverage your professional skills in operational risk management with the IERP®. Sign up to our operational risk management certification program today! Reach out to our team at the IERP® if you have any inquiries!
Summary Info
- Delivery method : In-person, virtual training
- Duration : 4 modules over 4 Days
- CPE hours : 32 hours
Certification Modules
Fundamentals of Operational Risk Management (19 June 2023)
This module provides you with a firm fundamental grounding in Operational Risk Management (ORM) as we enter the second decade of the 21st century. If you are in the Enterprise Risk Management team or are involved in ORM, this program will provide you gain the necessary skills and knowledge. The program covers the lifecycle, objectives, pillars and features of ORM. Various ORM tools and techniques will be introduced and examined to ensure that the relevance and integrity of any ORM program is always maintained and addressed. Oversight issues as well as the relevance of KRIs, KCIs and other indicators are covered as is guidance over ORM reports and reporting formats.
The course offers you practical exposure and insights and you will be exposed to both the traditional and emerging thinking about ORM. The course covers all aspects of ORM including Risk Appetites, Risk Tolerance, Reporting and ORM decision making.
Risk and Control Self Assessment (12 July 2023)
This module encompasses a detailed examination into RCSA options, approaches and methodologies including their purpose and design, tools, and their fit into an ORM framework. The content encapsulates a practical approach to implementing RCSAs, its fit into, and use as, a critical ORM tool as well as its critical stakeholders. Participants will be taken through a detailed case study and exercise over a complete RCSA lifecycle and will be given the opportunity of practicing their new skills via a mini RCSA practical workshop.
The module also takes participants through various Internal Control models and frameworks, including elements of COSO’s internal control framework – and their limitations. Participants will also be exposed to the linkages between RCSA, Internal Control frameworks and best practice governance recommendations and practices, as well as Corporate Governance codes and principles.
Cyber Security Framework (21 June 2023)
In this age of increasing cybersecurity threats, what is required is a prioritized, flexible, repeatable, performance based, and cost-effective approach. The program teaches a flexible way to address cybersecurity, including cybersecurity’s effect on physical, cyber, and people dimensions. This includes information security measures and controls – especially over critical infrastructure – to help organisations identify, assess, and manage cyber risks.
Management and risk managers should focus on using business drivers to guide cybersecurity activities and considering cybersecurity risks as part of the organization’s risk management processes. This can assist organizations in addressing cybersecurity as it affects, amongst others, the privacy of customers, employees, and other parties. At the core of this program is a set of cybersecurity activities, outcomes, and informative references that are common across sectors and critical infrastructure which organisations should bear in mind. Organizations can determine activities that are important to critical service delivery and can prioritize investments to maximize the impact of each dollar spent. The Framework taught enables organizations – regardless of size, degree of cybersecurity risk, or cybersecurity sophistication – to apply the principles and best practices of risk management to improving security and resilience.
Fraud Risk Management (20 June 2023)
The design of this program provides participants with a firm grounding in the purpose and aims of fraud risk management, as well as the components, structure and processes required to establish an effective anti-fraud strategy, policy and framework. Participants will also be exposed to types of fraud, the key drivers of fraud, and who the most likely perpetrators of fraud are likely to be. You will be schooled in effective fraud risk management frameworks, processes, policies and procedures from an ORM perspective. The program also provides relevant guidance in conducting practical fraud risk assessments and establishing appropriate fraud risk management reporting and oversight as well as how to deal with red flags. The fraud risk triangle is also studied together with a full understanding of the contributory factors components of the triangle and steps that can be implemented to mitigate these. Coverage of the program also extends to anti-bribery and corruption risk management and the ABMS requirements. Participants will be guided in the practical challenges in driving and implementing all of the above as well as practical solutions and considerations relating to culture.
A degree holder (or its equivalent, and above) with a minimum of 6 months working experience
OR
A non-degree holder with a minimum of 3 years working experience
The IERP® utilises adult-learning methodologies that incorporate a highly practical approach to ensure participants are fully engaged in the learning process. About 20-30% of the program will be covered in lectures, and 70-80% utilising interactive learning methodologies.
This program is suitable for anyone working in or related to Operational Risk Management, Risk Management, Internal Audit, Governance, Compliance, Operations, Quality, Environmental Health & Safety, Project Management, etc.
To become fully certified, participants will be assessed based on the following criteria:
- Attendance and participation in class
- Multiple choice examination
FAQs
Who are the instructors?
All our faculty are practitioners with relevant risk management and BCM experience, averaging over 30 years of working experience each and with most of their last positions being C-Level executives in large national and multi-national corporations. Some hold Board Directorships and chair Board Committees such as Board Risk, Board Audit, and Board Investment Committees.
How many modules are there in this programme?
4 modules in 4 days
What is the time limit for me to finish this programme if I can’t attend all the modules within one year?
Maximum 3 years
Can I attend the certification program in other country?
Yes, however, you will have to pay whatever fee applicable in that country. And you will have to pay the travel, accommodation and subsistence yourself.
What will I get after taking this certification course?
- Enhances your professional credibility
- Gives you confidence that you have “passed through the chairs” and proof of ability
- Extends your knowledge and skills, preparing you for more job responsibilities
- Enriches self-image and reputation among peers
- Improves career opportunities-promotion, pay increases, job portability
- Establishes you as a continuous learner who believes in continuous professional development
- Gives you an edge over your competition in the eye of your potential employers
- Plugs you into a new network of like-minded risk professionals “club”
In addition, you will receive instant recognition that you have achieved the minimum standard of competency as a certified and qualified enterprise risk manager. Organizations have also started approaching the Institute to source for risk managers – which is one of the services that the Institute offers to corporate members of the Institute.