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Case Study: Freddie Mac

Source: Mash Risk Television

Freddie Mac
Patrick McDermott, Director Operational Risk

Runtime: 8:59

Key Takeaways

  1. Overview: The Freddie Mac enterprise risk management function includes credit, market, operational and model risk. There are 40 total Op Risk employees.
  2. Tools: The Risk and Control Self-Assessment is Freddie Mac’s key Op Risk tool and is supplemented by loss data, key risk indicators and scenario analysis.
  3. Reporting: The Op Risk function reports on a monthly basis. Reports focus on risk likelihood and severity and include a synthesis of loss data.
  4. Evaluation: Op Risk function considers itself successful if it is in trouble and if senior management is asking questions.
  5. Lessons Learned: Synthesizing Op Risk data and telling a story is critical in stimulating discussion of business risk issues.

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