The Effective Risk Committee
Date: On a date of your choice
Location: Delivered as an interactive briefing
Event Code: ERC
Board risk committees
are becoming increasingly common since the publication in 2012 of the FSA's
guidance in this area (which is now contained in SYSC Chapter 21). The September 2014 FRC Guidance on Risks and
Controls has heightened this emphasis.
But once a Board risk committee has been established, it needs to
establish its own separate role to ensure it enhances the firm's risk
framework, rather than simply becoming another 'talking shop'.
This unique 2 hour briefing will assist those involved in
financial services risk committees to develop their effectiveness by
considering how they might evaluate their effectiveness, what risk culture they
lead and how they interface with other committees to avoid duplication and
achieve a co-ordinated approach.
of the Risk Committee
Why have a Risk
The role of a
separate Risk Committee
Composition of a
Board Risk Committee
Scope and key
elements of your Terms of Reference – what the rules say (SYSC 21) and what the FRC thinks
2. Fulfilling the oversight responsibilities
- Advice to the Board on risk strategy and
- Risk appetite statements
Oversight of the risk framework
- Oversight of stress and scenario testing
and risk capital
- Oversight of risk due diligence on
- Risk based performance weightings and
- Promoting, assessing and embedding an
appropriate risk culture
effectiveness of the risk committee
Interface with audit committee , remuneration
committee and the main Board
Specifying and obtaining the right Risk
Using this information to inform strategy and to
take a forward looking approach
Supporting the development of a more resilient
Assessing the effectiveness of the risk
issues for risk committees
FCA focus on 'conduct risk'
Risk reporting changes - FRC and other guidance
Who should attend?
is an essential event for those who are members of the Risk Committee or
responsible for reporting to this Committee.
This focused briefing will help
both executive and non executive directors understand their risk management and
identify the practical steps to fulfilling them.
- Recognise the key role of the risk committee and how this
relates to the role of the audit committee.
- Know how to manage the relationships between the risk
committee, the risk function, the Chief Risk Officer and the main Board.
- What the main objectives of the risk committee should be in
relation to the risk framework, risk appetite and risk culture and how these
can be achieved in practice.
- How the risk committee can add value by receiving the right
information, taking a 'forward looking approach' and providing the right
balance between challenge and assurance.
- Gain insights into that thorny question of risk appetite.
- Consider whether you receive the right information to allow
you to oversee risk effectively
Consultant – Eithne McManus
As an expert in risk management and insurance, Eithne consults with firms
on finance, actuarial and audit matters. She leads many training events to keep
Directors and senior managers up to date on these topics. Her business experience allows her to understand
the practical issues that firms face and to demonstrate ways to improve on the
been a consultant for over 7 years providing consultancy services to financial
services companies in the areas of enterprise risk management, capital assessment
(including Solvency 2) and outsourcing.
She is also a non-exec director of a small mutual insurer, where she
sits on both the risk and audit committees.
actuary, Eithne spent much of her career with City of Westminster Assurance, latterly
as Chief Financial Officer then Chief Executive. After the sale of CWA to
Chesnara, Eithne assumed responsibility for risk management within the
Chesnara group as a whole.
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