Professional Certificate in Investment Fund Services Risk Management (Operational Risk, Conduct Risk and Risk Culture)

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Course Provider
Duration:1 Year part time
Provider:The Institute of Banking
Venue:IFSC, Dublin 1
Course Fees: Full Course Fee: Module 1 : €550 Module 2: €495

Network Members Fee: Module 1: €415 Module 2: €370 (subject to funding in 2018)

Accreditation:Level 8, 15 ECTs Credits

Course Overview

The Professional certificate in operational risk management in investment fund services is a specialist risk management programme for people working or seeking to work in the Investment funds industry.

This programme has been designed in conjunction with Operational Risk and Conduct Risk professionals working in Investment Fund Services. It is the benchmark Operational Risk Management qualification for the Investment Fund Services

industry in Ireland. It is a progression (from a level 7 academic award to a level 8 academic award) for those who have completed the Professional Certificate or Diploma in Investment Fund Services.

The programme is designed to provide a deep understanding of the key practical and relevant Operational Risk Management risks facing Investment Fund Services professionals in Ireland today and will help improve business performance. The practical risk areas in module one will include inter alia:

  • Key operational risks in Fund Accounting, Transfer Agency and Custody functions
  • Anti-money laundering and sanctions screening
  • Cybercrime
  • Central Bank of Ireland operational risk thematic reviews
  • Outsourcing governance
  • Information security, IT resilience
  • Business continuity planning
  • Records management
  • Implementations and change control delivering client and market change in a systematic manner and managing resource contention

The practical areas in module two will include inter alia:

  • Conduct Risk case study scenarios
  • Risk culture

Course Fees

Module 1: Operational Risk Management in Investment Fund Services

  • Non member – €550
  • Summit Finuas Network Member – €415

Module 2: Risk Management Framework, Culture and Best Practices 

  • Non member – €495
  • Summit Finuas Network Member – €370*

*subject to funding in 2018

Who should attend

The programme is relevant to:

  • Holders of the Professional Certificate or Diploma in Investment Fund Services
  • Investment Fund Services Compliance and Risk professionals
  • Those working in Fund Accounting, Transfer Agency and Custody roles
  • Central Functions Professionals including:
    • Operational risk
    • Internal audit
    • Legal
    • Finance
    • Technology
    • Change management
  • Lawyers working in asset management and investor funds groups
  • Auditors who provide risk management, audit and advisory services
  • Regulatory bodies in funds supervision e.g. The Central Bank of Ireland
  • Stockbrokers, business consultants and other professionals who provide risk management advisory services.

Course Objectives

At the end of the course participants will be able to:

  • Explain the role of risk management in the post crisis financial services industry
  • Discuss the role of corporate governance in an organization and of the participant elements and relationships within risk management governance
  • Gain an understanding of the different roles in risk governance and the place of reporting and the use of various elements of a risk framework
  • Explain the theory and process of risk management and the expected results from a successful risk management process
  • List and discuss a set of developments in the governance of risk management, with an introduction to the area of risk culture
  • Describe the elements of a risk management framework and choose the elements to implement in their own workplace
  • Manage an operational risk assessment programme and apply it in their workplace
  • Capture, report and investigate operational risk events, produce meaningful Risk MI including Key Risk Indicator (KRI) data and trend analysis, and implement operational risk appetite
  • Recognize how operational risk management can assist the overall business and add value

Course Content

The course is made up of two modules:

  • Risk Management Framework, Culture and Best Practices
  • Operational Risk Management in Investment Fund Services

1. Operational Risk Management in Investment Fund Services (NFQ Level 8, 10 ECTS)

  • Operational risk defined
  • Recent failures in operational risk
  • Why it is important and its link to PRISM
  • Why it is different?
  • Operational risk basics
  • Three lines of defence
  • Operational risk taxonomies
  • Operational risk management frameworks
  • Risk capacity
  • Risk appetite statements
  • Risk policies
  • Risk pricing and capital
  • Risk information, Key Risk Indicators (KRIs) reporting and KRI framework
  • Risk assessment
  • Risk management and action plans
  • Risk modelling
  • Insurance mitigation

The practical areas will include inter alia:

  • Key operational risks in the fund accounting, transfer agency and custody functions
  • The Central Bank of Ireland thematic reviews including cybercrime
  • Anti-money Laundering/Countering of Financing of Terrorism
  • Outsourcing governance
  • Information security, IT resilience, cybercrime
  • Business continuity planning
  • Records management
  • Regulatory reporting
  • Implementations and change control delivering client and market change in a systematic manner

2. Risk Management Framework, Culture and Best Practices (NFQ Level 8, 5 ECTS)

  • Definition of conduct risk
  • What is conduct risk?
  • How does conduct risk transpire?
  • Application to retail and wholesale markets
  • How advanced is the regulators’ thinking?
  • Conduct risk as defined by the FCA and what lies at its core i.e. seeking the best outcome for the customer
  • Drivers/causes of conduct risk
  • Constituents of conduct risk including behavioural economics
  • Conduct risk frameworks and its relationship with the overall banking risk framework
  • Conduct risk appetite statements
  • Conduct risk policies and common metrics for assessing conduct risk performance in an organisation
  • How conduct risk relates to operational risk
  • The difference between conduct risk and compliance
  • What are conduct risk impacts on customers, on employees, the financial institution and on markets (positive/negative)
  • How ethical behaviours and decisions can improve customer outcomes
  • Applying the theory to a number of real life Irish and UK examples using case studies
  • Risk governance
  • People, roles and responsibilities
  • The Board
  • The CRO
  • Wider reporting
  • Systems and documentation
  • Risk management process
  • Risk culture
  • Leadership and risk culture
  • The role of the risk management function in risk culture
  • The place of other staff in risk culture
  • Evaluating risk culture

Course Duration

The course is delivered part time over two semesters, to facilitate those who are working full time.

Award

  • Successful participants will be awarded the Professional Certificate in Investment Fund Services Risk Management (Operational Risk, Conduct Risk and Risk Culture) by UCD. This is a level 8 qualification on the NFQ and carries 15 ECTS.
  • Participants can then apply directly to PRMIA, at no additional fee, to be awarded the globally recognised PRMIA Operational Risk Manager Certificate. Please see: http://www.prmia.org/orm-certificate/what-is-the-orm-certificate for more information.
  • PRMIA is globally recognised as a leading educator of risk management professionals and is active in nearly every major financial center worldwide with 50,000+ members represented in over 65 countries. Details on the PRMIA Global Operational Risk Manager Certificate Award are available on the Institute website.

THIS SPECIALIST PROGRAMME WILL PROVIDE YOU WITH:

  • A thorough understanding of the key practical and relevant operational risks facing investment fund services professionals in Ireland today primarily in the fund accounting, transfer agency and custody areas.
  • A deep and practical understanding of the requirements and responsibilities of operational and conduct risk management
  • An understanding of the components of Risk Culture
  • Global best practice tools for the identification, assessment, measurement and management of operational risks
  • The knowledge and skills to capture, report and investigate operational risk events, how to produce meaningful Risk MI including Key Risk Indicator (KRI) data and trend analysis, and how to implement operational risk appetite
  • An understanding of operational risk frameworks, measurement methodologies and best practices
  • An understanding of how to manage an operational risk assessment programme and apply it in the workplace
  • An ability to blend theory and practice in Operational Risk Management to improve business performance
  • One year’s membership of PRMIA

ENTRY REQUIREMENTS

Candidates seeking admission to the Professional Certificate in Operational Risk Management in Investment Fund Services must possess an honours degree and have at least two years’ experience in the funds industry.

Or

Hold the professional certificate in investment fund services and have at least five years’ experience in the funds industry, with at least two in a supervisory or senior administrator role.

Or

Admission may also be considered for experienced professionals who do not meet the admission requirements as set out in a) and b) where they can demonstrate learning through work and training which makes them a suitable candidate for the programme i.e. they will have significant experience in a senior funds role with responsibility for decision making.

PROFESSIONAL BODY MEMBERSHIP

You must be a current member of The Institute of Banking, or become a member, to register for this programme. Membership is currently €40 per calendar year.

DELIVERY

The programme will be delivered via blended learning with online webinars and recorded lectures supplemented with up to three face-to-face one-day practical workshops per module.

ASSESSMENT

The Operational Risk Management in Investment Fund Services module is assessed by:

– Continuous assessment – 10%.

– An end-of-semester three-hour written exam – 90%.

Risk Management Framework, Culture and Best Practices is assessed by:

– An end-of-semester two-hour written exam – 100%.

 

15 September 17 is the closing date to register for the January 2018 exam

12 January 18 is the closing date to register for the May 2018 exam

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