IOR releases Sound Practice Guides in German

The Institute of Operational Risk has released German versions of its Sound Practice Guidance series for risk managers.

Designed to complement existing standards and codes for risk management (such as ISO 31000), the aim of the series is to provide guidance that is both focused on the management of operational risk and practical in its application.

The objectives of these papers are to explain how to design and implement a ‘sound’ (robust and effective) operational risk management framework; demonstrate the value of operational risk management; and reflect the experiences of risk professionals, including the challenges involved in developing operational risk management frameworks.

The documents focus on:

• Risk Culture
• Risk Appetite
• Embedding an Operational Risk Management Framework
• Operational Loss Events (Internal and External)
• Operational Risk Categorisation
• Operational Risk and Control Self-Assessment
• Operational Key Risk Indicators
• Operational Risk Scenario Analysis, Stress and Reverse Stress Testing
• Operational Risk Governance

Rainer Sprengel, executive director at IBM Financial Markets Services, and head of the IOR German Chapter said: “The need for effective operational risk management is more acute than ever. Events such as the global financial crisis or the COVID-19 pandemic highlight the far-reaching impacts of operational risk and the consequences of management failure.

“In the light of these and numerous other events organisations have to ensure that their policies, procedures, and processes for the management of operational risk meet the needs of their stakeholders.

“We hope that making these guides available more widely in the DACH [Germany, Austria and Switzerland] region will help provide those working in risk with a set of practical reference guides on which to build their knowledge.”

Although there is no one-size-fits-all approach to the management of operational risk, organisations must benchmark and improve their practice regularly. This series of papers provides practical guidance on a range of important topics that span the discipline of operational risk management.

The documents are available for download on the IOR website).

Non-members may access them from the IRM website:

    Share Story:

Recent Stories

Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021

Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021