ÿþ<html> <head> <!-- #BeginEditable "doctitle" --> <title>SSAMM Management Consulting - Risk Management</title> <!-- #EndEditable --> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1"> <script type="text/javascript"> //###### GOOGLE ANALYTICS ############# var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-23891606-1']); _gaq.push(['_setDomainName', '.ssamm.com.au']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 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Risk Management framework </b></font><br /> Most institutions have formalised their approach to a Risk Management framework; now the challenge is more in the proof that the framework actually allows risk management to be a viable contribution to the business. <br /><br /> <a href="" id=#2></a> <strong> <font color="#003399" face="Arial, Helvetica, Verdana"> 2. Data Integrity </font> <br /> </strong> Risk Management can only be successful if the integrity of data is assured and it is gathered by completely robust processes. Many institutions are finding challenges with data integrity, especially over time. There is also the issue of sample size  and how to get sufficient data to objectively analyse all risk types. The result is that it is rarely possible to rely purely on mathematics for trend analysis around Key Risk Indicators. Subjectivity in the form of experience is often currently the only way to obtain a reasonable view. <br /><br /> Organisational change may also have radically changed the functioning of some processes from their original design. Coupled with technology changes and the need to meet evolving business requirements, a true understanding of Operational (or Credit) Risk has not always been captured from original risk assessments, or risk is no longer at acceptable levels. This may be because workarounds intended to be temporary have become longer term, are often manual in nature and may have been overlaid with further complexities over time. <br /><br /> <a href="" id=#3></a> <strong> <font color="#003399" face="Arial, Helvetica, Verdana"> 3. Directors Duties </font> <br /> </strong> Directors now have stringent and explicit responsibilities to assess the effectiveness of internal control systems and ensure that all weaknesses are being remedied. As an organisation, operational risk can be viewed very simply: <br /><br /> <li> do we know what we want to do?</li> <li> do we know if we have done what we set out to do? and</li> <li>if not, why not?  and what are the consequences? </li> <br /><br /> <a href="" id=#4></a> <strong> <font color="#003399" face="Arial, Helvetica, Verdana"> 4. Responsible Officers</strong></font> <br /> The answers to these simple questions often have little or patchy evidence to support them, and therefore, there is a lack of confidence that operational risk assessments produced are actually supporting the business. The evidence for this can be seen daily in the running of the operational processes as losses, near losses and compliance breaches continue to creep in under the radar  and if risk reporting is currently robust, how come so many senior executives are uncomfortable with their roles as Responsible Officers? <br /><br /> <strong> <a href="" id=#5></a> <font color="#003399" face="Arial, Helvetica, Verdana"> 5. SSAMM delivers better operational risk management</font> <br /> </strong> At SSAMM, we have tried and tested methodologies not only for achieving the evidence needed and direction towards goals for effective operational risk management, but also for maintaining on-going reviews of progress where further improvements are required. One of the side products is staff development and getting away from the concept that OR is form-filling for the sake of it. By instilling risk management in the very fabric of the institution it will help you maximise your return on investment, and sleep easier at night! <br /><br /> <strong> <a href="" id=#6></a> <font color="#003399" face="Arial, Helvetica, Verdana"> 6. Our approach </font> <br /> </strong> Our approach is fully aligned with that of the Australian / New Zealand Risk Management Standard (AS/NZS 4360:2004) and global Governance Standards that are intended to be integrated into an organisation's everyday commercial practice. SSAMM is uniquely positioned to assist you in this process, using proven methods and the significant experience of our consultants. <p align="justify"> <a href="#Top">Top</a></p> <img src="images/risk_process.gif" /> </td> <td width="2%">&nbsp;</td> </tr> </table> </div> <div id="Layer4" style="position:absolute; left:27px; top:534px; width:961px; height:13px; z-index:4; background-color: #00009C; layer-background-color: #00009C; border: 1px none #000000"> <div align="center"><a href="Legal_Disclaimer.htm" onMouseOver="MM_swapImage('legal_disc_button_off','','images/Legal_Disc_button_On.jpg',1)" onMouseOut="MM_swapImgRestore()"><img src="images/Legal_Disc_button_Off.jpg" name="legal_disc_button_off" width="90" height="15" border="0" id="legal_disc_button_off"></a><img src="images/Divider.jpg" width="10" height="15"><a href="Privacy.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Privacy_stat_button_off','','images/Privacy_Stat_button_On.jpg',1)"><img src="images/Privacy_Stat_button_Off.jpg" width="95" height="15" name="Privacy_stat_button_off" border="0" alt="View our Privacy statement"></a></div> </div> <div id="Layer5" style="position:absolute; left:25px; top:58px; width:963px; height:10px; z-index:5; background-color: #00009C; layer-background-color: #00009C; border: 1px none #000000"> <table width="959" border="0" bgcolor="#000099" height="10"> <tr> <td width="70"><a href="Default.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('home_button_off','','images/Home_button_on.jpg',1)"><img src="images/Home_button_off.jpg" width="70" height="15" name="home_button_off" border="0" alt="Back to our home page"></a></td> <td width="70"><a href="About_us.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('about_us_button_off','','images/About_us_button_On.jpg',1)"><img src="images/About_us_button_off.jpg" width="70" height="15" alt="Find out more about us" name="about_us_button_off" border="0"></a></td> <td width="70"><a href="Services.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Services_button_off','','images/Services_button_on.jpg',1)"><img src="images/Services_button_off.jpg" width="70" height="15" name="Services_button_off" border="0" alt="See what services we provide"></a></td> <td width="70"><a href="People.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Peolple_button_off','','images/Peolple_button_On.jpg',1)"><img src="images/Peolple_button_off.jpg" width="70" height="15" name="Peolple_button_off" border="0" alt="Meet our team"></a></td> <td width="70"><a href="Media.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('Media_button_off','','images/Home_button_on.jpg',1)"><img src="images/Media_button_Off.jpg" width="70" height="15" name="Media_button_off" border="0" alt="Media articles SSAMM has contributed to"></a></td> <td width="62"><a href="Contact_Us.htm" onMouseOut="MM_swapImgRestore()" onMouseOver="MM_swapImage('contact_us_button_off','','images/Contact_Us_button_On.jpg',1)"><img src="images/Contact_Us_button_Off.jpg" width="70" height="15" name="contact_us_button_off" border="0" alt="Contact us for more information"></a></td> <td width="442">&nbsp;</td> <td width="71">&nbsp;</td> </tr> </table> </div> <div id="Layer7" style="position:absolute; left:266px; top:553px; width:662px; height:11px; z-index:7"> <p><font face="Arial, Helvetica, sans-serif" size="1">Copyright © 2004 SSAMM Management Business Consultants Pty Ltd. 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