Tag: Risk Management

  • ELCAS Funding For Service Personnel: Certificate In Operational Risk Management

    ELCAS Funding For Service Personnel: Certificate In Operational Risk Management

    The IOR (part of the Institute of Risk Management group) has been granted Approved Learning Provider status for the Enhanced Learning Credits Scheme (ELC) by the Enhanced Learning Credits Administration Service (ELCAS).

    Enhance your earning potential and career prospects with the Certificate in Operational Risk Management (CORM). Risk management has never been more important for the effective and efficient running of businesses, no matter what sector or country they’re in. Many of the skills you already have will cross over into operational risk management.

    The Certificate is recognised by Ofqual, a regulator of qualifications, exams and tests in England and Wales, and is assessed as RQF Level 4, equivalent to EQF Level 5 (European Qualification Framework).

    Full details can be found here: http://www.enhancedlearningcredits.com/serving-personnel/searching-for-learning-provider

    (Click on SEARCH FOR PROVIDER OR COURSE and then search for IOR).

    IOR’s ELCAS Approved Training Provider number is 10925.

    For any queries about funding or to register please contact ELCAS directly, for queries on the course content please contact us at info@ior-institute.co.uk

     

     
  • Risk Management In Focus

    Risk Management In Focus

    Pathfinder International caught up with veteran and now Vice President Senior Risk Specialist at Bank of America Merrill Lynch, Ian Philpot to hear about his route into Risk Management and all about his current role…

    How did you get your job?

    I fell into Operational Risk formally after 13 years in the military. I went to an open day at Bank of America specifically for Armed Forces Veterans and got a job in project management. I then worked my way up the organisation to my current role. I think my boss took a chance on me as I already had a risk management view of the workplace honed from my military career.

    What’s a typical day like as a Senior Operational Risk Specialist?

    A typical day for me as a Senior Operational Risk Specialist in Scenario Analysis and Capital Planning involves deep engagement with 1st line stakeholders from COOs to HR management across the firm trying to broker a conversation around participation and ownership of Scenario Analysis.

    The day is also likely to involve working in some way to enhance the Scenario Analysis Programme, be that through updating our procedures or bringing in a new process. In truth, my current role is expanding, allowing me to take part in the running of other Operational Risk Management Framework (ORMF) elements such as RCSA or losses, right through to devising training materials on the ORMF.

    What do you enjoy most about your job?

    The variety. Although my role is specific to Scenario Analysis & Capital Planning I actually get involved in tons of other work across the programme elements.

    What are the challenges?

    Due to the size of the firm it is probably getting the awareness and importance of the programme understood by as many first line stakeholders as possible.

    What would you say to others thinking about taking the Certificate in Operational Risk Management?

    I would say be prepared for quite a bit of study time but the reward is getting the right knowledge you can take with you for life. I think that the course is very intuitive and has great diagrams to explain the key concepts. I was also impressed with the amount of extra real-life event information provided as this helped bring the concepts to life.

    What have you been able to put into practice in your job as a result of what you have learnt?

    The course has helped improve my overall ORMF knowledge to such an extent that I’m being asked to take more of a lead role within the delivery of other framework elements with key 1st line stakeholders and I have been asked to help cross-train other 2nd line colleagues on various key points within the ORMF.

    Top tips:

    1: Read around the subject in question as much as possible, including documentation from regulators (PRA, FCA, CBI, ECB) and industry bodies (ORX, IOR, IRM etc) related to Scenario Analysis and Internal Capital Adequacy Assessment Plan (ICAAP).

    2: Search job related social media (such as LinkedIn) to gain contacts within the companies/areas you are interested in, follow up any conversation with an invite to meet.

    3: Experience can sometimes be more important to an employer than qualifications, so relate every experience you have in the context of the role.

    Find out more about ELCAS funding for the Certificate in Operational Risk Management HERE!

  • The Institute of Risk Management (IRM) Receives the Defence Employer Recognition Scheme Bronze Award

    The Institute of Risk Management (IRM) Receives the Defence Employer Recognition Scheme Bronze Award

    The Defence Employer Recognition Scheme (ERS) encourages employers to support Defence and inspire others to do the same. The scheme encompasses bronze, silver and gold awards for employer organisations that pledge, demonstrate or advocate support to defence and the armed forces community, and align their values with the Armed Forces Covenant.

    Colonel (Retired) Peter Germain, Chief Executive, Reserve Forces’ and Cadets’ Association for Greater London says:

    “The Institute of Risk Management signed the Armed Forces Covenant in the Summer of 2019 and so today I am delighted to congratulate them on taking the next step of partnering with Defence, and in doing so, receiving the Employer Recognition Scheme Bronze Award.

    The Employer Recognition Scheme Bronze Award recognises employers who state their intent to be a Forces Friendly employer. The team and I look forward to developing a mutually beneficial relationship and hope to see the Institute of Risk Management strive for silver in future rotations of the Scheme.”

    Iain Wright, CFIRM, Chair of the IRM said:

    “There are some 200,000 people in the Armed Forces and many of them are making risk management decisions every day. It is vitally important that the Armed Forces and businesses are mutually engaged and the IRM will be at the forefront of this, we are proud to be recognised today with this award.

    Today is part of a wider pledge by the IRM to increase the risk management profession’s visibility to military personnel and veterans. We provide accessible and relevant training and qualifications that will help military personnel make the transition into the business world.

    Many of the skills learnt by service personnel naturally crossover into the world of risk management and we’re keen to ensure these skills are recognised, and that we can help support their lifelong learning and career transition where possible”.

    The Certificate in Operational Risk Management was recently approved as being eligible for full ELCAS funding for veterans (through the Institute of Operational Risk, part of the IRM group).

    Our other qualifications include:

    -International Certificate in Enterprise Risk Management
    -International Certificate in Financial Services
    -Digital Risk Management Certificate
    -Supply Chain Risk Management Certificate; and the
    -International Diploma in Risk Management.

    The qualifications are delivered by online supported distance learning and are relevant to all sectors globally. IRM qualifications are considered as the benchmark by employers for anyone wanting to pursue a career in risk management.

    Members of the Armed Forces and veterans are eligible for a 10% discount on IRM’s suite of industry recognised training courses (which are currently being delivered virtually) including the flagship Fundamentals of Risk Management Course).

    The IRM supports Captain Victoria Robinson, its Head of Marketing and Communications, who is also the County Public Relations Officer for Kent Army Cadet Force, with leave for annual camp and other cadet related activities.

  • Risk Management Needs You: Is A Career In Risk In Your Sights?

    Risk Management Needs You: Is A Career In Risk In Your Sights?

    Enhanced Learning Credits Administration Service (ELCAS) funding for the Institute of Operational Risk (IOR) Certificate in Operational Risk Management now available for service personnel

    The IOR (part of the Institute of Risk Management group) has been granted Approved Learning Provider status for the Enhanced Learning Credits Scheme (ELC) by the Enhanced Learning Credits Administration Service (ELCAS).
    The MOD’s Enhanced Learning Credits Scheme promotes lifelong learning amongst members of the Armed Forces. The scheme provides financial support in each of a maximum of three separate financial years for higher level learning of a nationally recognised qualification at level three or above.
    The Institute of Operational Risk Certificate in Operational Risk Management (CORM) is an externally accredited RQF Level 4/EQF Level 5 course and is a self-study workbook supplemented with workplace reflection and learning activities, providing candidates with a foundation in operational risk management.
    This exciting development builds on the Institute of Risk Management (which the IOR is a part of) signing the Armed Forces Covenant, pledging our support for the military community.

    Simon King CMIRM, Chief Risk Officer, UK Ministry of Defence (including strategic headquarters for the Armed Forces) is a senior member of the IRM and comments:

    “There are some 200,000 people in the Armed Forces and many of them are making risk management decisions every day. This access to funding and education will be invaluable to service personnel and help them to forge a new career path once they leave service.

    A career in risk management gives you unique access to the top of, and across the breadth of, an organisation. You have a huge responsibility to use that access and voice your opinions carefully.
    Professional qualifications will enhance employability, increase earning potential and ensure those who access the funding for the CORM are current and competent.”

    Iain Wright, CFIRM, Chair, IRM said

    “In these turbulent times there’s never been a greater need for current and competent risk managers in all businesses, in any sector globally to master the principles of risk management. Competent risk managers will be at the heart of the economic recovery post Covid-19.

    Many of the skills learnt by service personnel naturally crossover into the world of risk management and we’re keen to ensure these skills are recognised and that we can help support lifelong learning and career transition where possible.

    It is vitally important that the Armed Forces and businesses are mutually engaged and the IOR/IRM will be at the forefront of this. We provide accessible and relevant training and qualifications that will help service personnel make the transition to the business world”.

    Benefits of studying for the CORM:

    • Learn operational risk concepts
    • Demonstrate commitment and professional knowledge
    • Develop a common understanding
    • Independent certification
    • Career transition and increase in earning potential.

    Full details can be found here: http://www.enhancedlearningcredits.com/serving-personnel/searching-for-learning-provider

    (Click on SEARCH FOR PROVIDER OR COURSE and then search for IOR).

    IOR’s ELCAS Approved Training Provider number is 10925.

    You can apply for the course here – https://www.ior-institute.org/education/elcas-funding-for-service-personnel

  • A Career In Risk

    A Career In Risk

    Pathfinder hears from Simon King, CMIRM, Chief Risk Officer at the Ministry of Defence, about how his qualifications from, and membership of, the Institute of Risk Management have impacted on his career…

    How did you get your job?

    Having qualified as a Chartered Accountant from University I left practice and worked initially in a financial internal audit role. It wasn’t long before I was in a role responsible for implementing Turnbull, and that’s when I started in risk.

    I can remember listening to Nigel Turnbull speaking in the early days about the fact that he said “significant risks” and not “all risks”.

    I was working in industry at the time and remember that it struck me how, although the spirit and the letter of the ‘law’ may sometimes differ, they didn’t in this case but people seemed uncertain about how to take a stance on what they thought was significant, possibly for fear of being accused of not complying.

    Several years later, after working in and with many different organisations and cultures, I was approached about the Head of Risk role at Heathrow. It was a fantastic place to work, with great people, and it had a real sense of being able to see how well the business was doing, operationally at least, and being able to appreciate how quickly risks could materialise and really upset people’s days.

    I wasn’t looking to move on but the thought of having more than one airport in the business, as well as responsibility for the airline, the passengers, and some ships…I had to at least have a look at the role I’m now in; and when I thought about the contribution I could make through my service as a civilian, I couldn’t say no.

    What’s a typical day like as a Chief Risk Officer?

    It would be a cliché to say that I can’t answer that question because it’s classified, but that is part of the truth of a typical day. Conversations and meetings can range from a face-to-face briefing with a Minister, dealing with staffing issues, planning for a workshop with military leaders to discussing sensitive strategic risks.

    I am constantly reminded that I work in a Government Department and that we are also the strategic headquarters of the UK military. I start at the same time each day if I’m in the office, and finish when I can, but there is no such thing as a typical day.

    What do you enjoy most about your job?

    So much…I was on an overseas trip with a colleague, visiting an ally’s Ministry of Defence, when we reflected on the variety of what we find ourselves involved in and the areas that we have a little bit of influence over. Obviously its Ministers and the Government who actually decide, but I’m helping influence and implement policy that helps protect and defend the UK. What’s not to like about that?

    The visits out of the office to see military hardware and the people who operate it are fascinating, eye-opening in terms of operating and personal risk management, and sometimes it is quite humbling to see the pride taken in their work and the training they put themselves through.

    What are the challenges?

    I’m a recent addition to the civil service! It is modernising which is good but I occasionally wonder whether Yes Minister was a documentary or a comedy. Working with military colleagues is a positive rather than a negative challenge; the officers have developed their leadership, critical thinking and analytical skills to such a level that you have to really be on your game to get the best out of them and the time with them.

    Why did you want to go through the Certified Route?

    I’ve always considered that I was following good practice and international standards and, seeing people in Defence with established careers undertake further education and gain additional qualifications, I couldn’t not take the risk, and get professional recognition of what I’m doing at work. Additionally I was quite ready to support the pilot as I’d worked with the IRM in the past.

    How did you find the process?

    It was really interesting because I really wasn’t able to discuss the most recent examples I had, so as I was thinking back over previous roles and how the different organisational contexts required different practical approaches to managing risks, I found myself becoming quite self-critical – even before the assessors asked their follow-on questions.

    It wasn’t always easy finding practical examples to match the IRM’s risk management framework because, practically speaking, sometimes you forget what you’re doing if you’re calling it something different. The process was actually quite enjoyable, I’d even say slightly therapeutic!

    In what way are your IRM qualifications relevant?

    There are some 200,000 people in MoD and many of them are making risk management decisions every day. I’m responsible for the internal policy, framework and approach and for encouraging professionalism in the practise of risk management. In one way it would be cynical of me not to have a qualification myself, but I do think that it also shows that I take pride in what I do.

    What would you say to others thinking about joining IRM as a member?

    Do it. For years I’ve benefited from membership and used the Special Interest Groups to help make me think about specific areas, read the magazines, and networked. I had practical experience that I used the IRM’s events to calibrate against other members. If you’re earlier in your career then jump-starting an understanding of theory and practice, and getting recognition that you’ve done this can only help you.

    How has your role developed and what are your career ambitions? Has being linked to the IRM helped?

    My roles have developed most in terms of their scale of influence, and the impact that the organisations’ operations have affected. I started off thinking about the distribution of writing and printing paper, focused in between on the roadside recovery of broken down cars and the scheduling of films and television programmes, nowadays I’m more focused on national defence.

    Top Tips

    • Reflect on your experience and why you did things the way you did
    • Remind yourself about how and why the models and frameworks work the way they do
    • Be yourself and he honest as this is not a job interview with people whose eyes you can pull the wool over

    And finally, I’d like to add:

    A former boss, and now friend, once explained to me how a career in risk management and internal audit gives you unique access to the top of, and across the breadth of, an organisation. You have a huge responsibility to use that access and voice your opinions carefully. Professional qualifications help you manage your moral compass and know when to insist that those who are responsible for decision making, need to have the conversations they may be avoiding.