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Enterprise Risk Management, Risk and Supporting slides on ERM for FinTech

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• What is ERM • Uncertainty Principle • ERM Framework • Risk Response Strategy • Benefits of ERM • 8 Components of ERM
• Process affected by Board of Directors, Management, etc. • To identify risk • To Manage risk • Reasonable assurance about achievement of Objectives
• All organizations [Profitable + NGO] faces uncertainty • It is a challenge to management • Uncertainty brings Risk and Opportunity • ERM provides a FRAMEWORK to deal with Risk and Opportunity
Risk Management Risk Assessment Risk Mitigation/Control Risk Identification Risk Analysis Risk Prioritization Risk Reduction Risk Planning Risk Monitoring Mitigate Avoid / Transfer Accept MATA – Mitigate, Avoid, Transfer and Accept
• Avoidance • Reduction • Alternative Actions • Share or Insure • Accept
1) Align risk appetite and strategy 2) Link growth, risk and return 3) Enhance risk response decisions 4) Minimize operational surprises and losses 5) Identity and manage cross-enterprise risks 6) Provide integrated responses to multiple risks 7) Size opportunities
Risk Planning + - Variety of Risk Opportunity 1) Align risk appetite and strategy 2) Link growth, risk and return 3) Enhance risk response decisions 4) Minimize operational surprises and losses 5) Identity and manage cross-enterprise risks 6) Provide integrated responses to multiple risks 7) Size opportunities
Risk Response Components Risk Planning Components Risk Monitoring Components 1) Internal Environment 2) Objective Setting 3) Event Identification 4) Risk Assessment 5) Risk Response 6) Control Activities 7) Information and Communication 8) Monitoring Risk Team Risk Team Risk Team Risk Team BOD BOD MIS TCWG* * TCWG - Those charged with Governance
External Risk Strategic Enablers Operational Internal Risk Governance Strategic Planning Ethics & Values Stakeholder Relations Access to Services People Processes Financial Business Interruption Technology Emergency Response Infrastructure Demand Irregulatory Economical Socio-Political Environment
Strategic Operational Hazard Financial • Demand Shortfall • Customer retention • Integration problems • Pricing pressure • Regulation • Research and Development • Industry or sector downturn • JV or partner losses • Operational Controls • Poor Capacity management • Supply Chain Issues • Employee Issues including fraud • Bribery and Corruption • Regulation • Commodity prices • Macroeconomic • Political Issues • Legal Issues • Terrorism • National disasters • Debt and interest rates • Poor Financial management • Asset losses • Goodwill and amortisation • Accounting problems
Cost • Budget Exceeded • Unanticipated Expense Resources • Team is under resourced • Material shortage • Machinery unavailable • Industrial Action • Skill gap Environmental • Bad weather results in re-work • Weather delays progress • Adverse environmental affects occur • Environmental approval not completed in time Scope • Scope creeps • Scope partly defined • Project changes poorly managed Communication • Poor communication (Stakeholder dissatisfaction) • Positive and timely communication (positive publicity) Time • Schedule over runs • Tasks omitted for schedule • Opportunity to compress schedule
Product Design System / Software Manufacturing All Other Project Management Quality Product Performance Design Data Accuracy Security Assembly Tools Consumer service Environment Teamwork Product cost Quality system Signal Levels
Low Medium High Low Medium Medium Low Low Low Probability Impact Low Medium High Low Medium High Low High Minimal Moderate Inherent Control rely Not rely Low High
Yosef Nowgaonkar yosef.nowgaonkar@gmail.com +91 9920029148
Wealth management, payment, capital market, crowdfunding, lending and insurance enterprises Cryptocurrency, cloud computing, big data analytics and media developers Enterprises and individuals Conventional banks, insurance enterprises, stock brokerage firms and venture capitalist enterprises Financial regulators and legislatures Fintech start-ups Technology developers Financial customers Traditional financial institutions Government
• Fraud Risk • Merchant Risk • Regulatory risk • Anti-money laundering and countering terrorist financing • Consumer Risks • Cybersecurity and Data Privacy • Credit risk and operational risk • Outsourcing Risk
Fintech Company Fintech Enterprise Risk Area Fintech Innovative Solution Risk Area New Business Models Applications Processes Products Services Investment Management Customer Management Regulation Technology Integration Security and Privacy Risk Management Practices
This process recognises and documents the risk factors that may affect the fintech initiative. This process determines the probability of occurrence of the fintech risk and the impact on the fintech initiative. This process involves a mathematical calculation of the expected monetary value (EMV) of a risk. This component includes six fintech challenges: investment management, customer management, regulation, technology integration, security and privacy, and risk management practices. This component examines the risk associated with implementing “technologically enabled financial innovations that could result in new business models, applications, processes, products or services”. Identify fintech risk Perform qualitative risk analysis Perform quantitative risk analysis Address fintech enterprise risk area Implement fintech innovative solutions risk area
Fintech Risk Management Phases and Processed Fintech Innovative Solutions Risk Area Fintech Enterprise Risk Area Fintech Risk Organizing and Planning Fintech Risk Assessment Fintech Risk Reaction Fintech Risk Monitor and Control Investment Management Customer Management Regulation Technology Integration Security and Privacy Risk Management Practices New Business Models Applications Processes Products Services Organize and Plan Fintech Risk Effort Identify Fintech Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Response to Risk Monitor And Control Risk

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Enterprise Risk Management.pdf

  • 1.
  • 2.
  • 3. • What is ERM • Uncertainty Principle • ERM Framework • Risk Response Strategy • Benefits of ERM • 8 Components of ERM
  • 4. • Process affected by Board of Directors, Management, etc. • To identify risk • To Manage risk • Reasonable assurance about achievement of Objectives
  • 5. • All organizations [Profitable + NGO] faces uncertainty • It is a challenge to management • Uncertainty brings Risk and Opportunity • ERM provides a FRAMEWORK to deal with Risk and Opportunity
  • 6. Risk Management Risk Assessment Risk Mitigation/Control Risk Identification Risk Analysis Risk Prioritization Risk Reduction Risk Planning Risk Monitoring Mitigate Avoid / Transfer Accept MATA – Mitigate, Avoid, Transfer and Accept
  • 7. • Avoidance • Reduction • Alternative Actions • Share or Insure • Accept
  • 8. 1) Align risk appetite and strategy 2) Link growth, risk and return 3) Enhance risk response decisions 4) Minimize operational surprises and losses 5) Identity and manage cross-enterprise risks 6) Provide integrated responses to multiple risks 7) Size opportunities
  • 9. Risk Planning + - Variety of Risk Opportunity 1) Align risk appetite and strategy 2) Link growth, risk and return 3) Enhance risk response decisions 4) Minimize operational surprises and losses 5) Identity and manage cross-enterprise risks 6) Provide integrated responses to multiple risks 7) Size opportunities
  • 10. Risk Response Components Risk Planning Components Risk Monitoring Components 1) Internal Environment 2) Objective Setting 3) Event Identification 4) Risk Assessment 5) Risk Response 6) Control Activities 7) Information and Communication 8) Monitoring Risk Team Risk Team Risk Team Risk Team BOD BOD MIS TCWG* * TCWG - Those charged with Governance
  • 11.
  • 12. External Risk Strategic Enablers Operational Internal Risk Governance Strategic Planning Ethics & Values Stakeholder Relations Access to Services People Processes Financial Business Interruption Technology Emergency Response Infrastructure Demand Irregulatory Economical Socio-Political Environment
  • 13. Strategic Operational Hazard Financial • Demand Shortfall • Customer retention • Integration problems • Pricing pressure • Regulation • Research and Development • Industry or sector downturn • JV or partner losses • Operational Controls • Poor Capacity management • Supply Chain Issues • Employee Issues including fraud • Bribery and Corruption • Regulation • Commodity prices • Macroeconomic • Political Issues • Legal Issues • Terrorism • National disasters • Debt and interest rates • Poor Financial management • Asset losses • Goodwill and amortisation • Accounting problems
  • 14. Cost • Budget Exceeded • Unanticipated Expense Resources • Team is under resourced • Material shortage • Machinery unavailable • Industrial Action • Skill gap Environmental • Bad weather results in re-work • Weather delays progress • Adverse environmental affects occur • Environmental approval not completed in time Scope • Scope creeps • Scope partly defined • Project changes poorly managed Communication • Poor communication (Stakeholder dissatisfaction) • Positive and timely communication (positive publicity) Time • Schedule over runs • Tasks omitted for schedule • Opportunity to compress schedule
  • 15. Product Design System / Software Manufacturing All Other Project Management Quality Product Performance Design Data Accuracy Security Assembly Tools Consumer service Environment Teamwork Product cost Quality system Signal Levels
  • 16. Low Medium High Low Medium Medium Low Low Low Probability Impact Low Medium High Low Medium High Low High Minimal Moderate Inherent Control rely Not rely Low High
  • 18.
  • 19. Wealth management, payment, capital market, crowdfunding, lending and insurance enterprises Cryptocurrency, cloud computing, big data analytics and media developers Enterprises and individuals Conventional banks, insurance enterprises, stock brokerage firms and venture capitalist enterprises Financial regulators and legislatures Fintech start-ups Technology developers Financial customers Traditional financial institutions Government
  • 20. • Fraud Risk • Merchant Risk • Regulatory risk • Anti-money laundering and countering terrorist financing • Consumer Risks • Cybersecurity and Data Privacy • Credit risk and operational risk • Outsourcing Risk
  • 21. Fintech Company Fintech Enterprise Risk Area Fintech Innovative Solution Risk Area New Business Models Applications Processes Products Services Investment Management Customer Management Regulation Technology Integration Security and Privacy Risk Management Practices
  • 22. This process recognises and documents the risk factors that may affect the fintech initiative. This process determines the probability of occurrence of the fintech risk and the impact on the fintech initiative. This process involves a mathematical calculation of the expected monetary value (EMV) of a risk. This component includes six fintech challenges: investment management, customer management, regulation, technology integration, security and privacy, and risk management practices. This component examines the risk associated with implementing “technologically enabled financial innovations that could result in new business models, applications, processes, products or services”. Identify fintech risk Perform qualitative risk analysis Perform quantitative risk analysis Address fintech enterprise risk area Implement fintech innovative solutions risk area
  • 23. Fintech Risk Management Phases and Processed Fintech Innovative Solutions Risk Area Fintech Enterprise Risk Area Fintech Risk Organizing and Planning Fintech Risk Assessment Fintech Risk Reaction Fintech Risk Monitor and Control Investment Management Customer Management Regulation Technology Integration Security and Privacy Risk Management Practices New Business Models Applications Processes Products Services Organize and Plan Fintech Risk Effort Identify Fintech Risk Perform Qualitative Risk Analysis Perform Quantitative Risk Analysis Response to Risk Monitor And Control Risk