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Looking back at the financial crisis of 2008, the Banking and Financial Services Sector is unanimous in their analysis that the lack of an understanding of their risk exposures was one of the prime reasons for the crisis. What followed were a series of measures driven by regulators and supported by Banking and Financial Services (BFS) Institutions to ensure that there is a single view into the risk profile across risk categories and across business lines, product lines and business processes. BFS Institutions, from the largest to the medium and small sized institutions, for the last few years have adopted industry best practices and innovative technologies to provide higher risk visibility and better risk intelligence to drive their business decisions in an attempt to be better prepared for future macroeconomic shocks.
Federal Home Loan Bank of Chicago has been one of the pioneers in implementing an integrated risks and controls re-engineering program for an integrated and organization-wide risk governance structure. The program involved creating a framework of industry best practices to provide greater transparency and consistency to the risk and governance process across the organization, particularly to managers, executives and the Board. Federal Home Loan Bank of Chicago successfully changed the "compliance focused" culture to a "risk management" culture. Federal Home Loan Bank of Chicago's initiative helped them streamline their risk management processes, build a consistent and sustainable risk management approach, enhance visibility into risks, and integrate risk into decision-making.
The webinar will provide further insights into the best practices implemented by Federal Home Loan Bank of Chicago to integrate their risk management and GRC program which, in turn, won them the 2012 OCEG GRC Achievement Award.
The speakers will discuss the following learning objectives:
- How a successful integrated Governance, Risk and Compliance management program is being implemented in BFS Institutions to provide strategic advantages
- Best practices in building a risk management culture and processes in the organization
- Steps in planning and implementing a strategic approach to risk management
- Building a cost effective infrastructure for an integrated governance framework for the organization
- Federal Home Loan Bank of Chicago's path towards successful GRC integration and technology implementation
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