Risk Management Workshop. 21 st May 2008. Definitions. RISK – “events that may prevent achievement of your objectives” RISK MANAGEMENT – “a systematic way of protecting your organisation so that your objectives can be achieved without unnecessary interruption”
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21st May 2008
RISK – “events that may prevent achievement of your objectives”
RISK MANAGEMENT – “a systematic way of protecting your organisation so that your objectives can be achieved without unnecessary interruption”
RISK ASSESSMENT – “The systematic process of identifying and analysing risks”
October 10, 2007
Northern Rock had not had a full check-up for 18 months, FSA admits
Patrick Hosking, Banking and Finance Editor
Northern Rock had not been subjected to a thorough supervisory healthcheck for 18 months when it imploded in August, the City’s main regulator admitted to Parliament yesterday.
During two hours of tough questioning by MPs on the Commons Treasury Committee, representatives of the Financial Services Authority (FSA) conceded that it had incorrectly assessed the risk in Northern Rock and admitted that damage had been done to the financial system under its watch.
In a briefing paper given to MPs before the session, the FSA said that the last full risk assessment of Northern Rock bank had been carried out between December 2005 and February 2006.
However, a full risk assessment of Northern Rock, known as an “Arrow” review, was carried out only once every three years. Mr Sants told MPs that in the case of Northern Rock, three years had proved too long.
(e.g. contracts of insurance, outsourcing)
(e.g. introduction of additional controls, operational changes)
(terminate the activity that causes the risk)
(accept risk level but monitor closely)
Responses chosen attempt to reduce risk to an acceptable level
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