On October 24th, avedos BeNeLux organised a seminar on Integrated Risk Management in cooperation with Ernst & Young at the Cross Towers in Amsterdam.

Around 20 attendees and in addition people from both organisations joined this event at the premises of EY.

Three EY speakers highlighted the upcoming regulations and the need for appropriate tooling solutions to address complexity and scaling requirements.

 

Regulations:

The event started with the explanation of European legislation like CRD IV, Solvency II, AIFMD, MIFID II, AML Directive, GDPR etc. Then followed by local supervisory acts and guidelines on Governance, Risk and Control like EBA, EIOPA, ESMA, DNB, AFM TRIM, COSO etc.

In this respect EY is observing the Central Banks focussing on the “Tone at the TOP” (Risk Culture), the adopted Risk Strategy and Policies by organisations, the Risk Management function as well as the Risk Management Processes, being discussed and evaluated.

 

Integrated Risk:

An important statement was that all C-level functions are involved with GRC. Also, silo’ed risk functions will reduce value, increase costs and impact business performance. Although organisations might not be able to implement an integrated approach straight away, it definitely should be the mid-term/long-term objective.

 

Tool Enablement:

This part of the seminar was spent on the market landscape for tools and what is important when considering such solutions. A discussion was held on in-house development of tools versus buying GRC tools available in the market. Key issues and trends have been discussed as well as Do’s and Don’ts when implementing GRC tools.

 

All presentations became lively and active by polling questions from the presenters, like:

 

The board feels responsible for risk management.

In my organisation, sufficient capacity is available for the RM function.

My organisation applies an integrated risk management approach.

I am convinced that my organisation needs an integrated risk management system.

My organisation has sufficient skills, knowledge and sufficient tools to implement and maintain an integrated risk management system.

My organisation is using an in-house solution for GRC.

My organisation is currently in the process of selecting a GRC tool.

I feel confident that my organisation can successfully facilitate a GRC tooling implementation.

 

All these questions could be answered by holding a yellow card for Yes or a white card for NO.

 

At the end avedos demonstrated their GRC solution risk2value and pointed to the different parts of the solution in relation to the discussions and the presentations, like:

 

-          How to identify risks and implement alerts and controls

-          Showing the different catalogues for risk management

-          Aligning procedures and processes to new market circumstances

-          Showing 3 lines of defense and 3 and 4 eye approval level principles

-          Creating reports for management and the board, including heat maps and traffic lights etc.

 

The event was concluded with drinks and some typical Dutch snacks like cheese and bitterballen.

 

If you would like to receive more detailed information on the content of this event, the outcome of the polling questions or if you would like to brainstorm with one of our avedos participants, please contact:

 

Ger.vanNijkerken@avedos.com

Mobile: +31 6533 9 6533