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How Does Operational Risk Fit in an Enterprise Risk Management Reporting Structure?

Mash Risk Television

Freddie Mac
Patrick McDermott, Director Operational Risk

Runtime: 5:04

Key Takeaways

Example of Op Risk in an Enterprise Risk Management Reporting Structure:

  1. Board:
    • Provides independent review of risks to the firm
    • Approves policies and guidelines which govern enterprise risks
  2. Enterprise Risk Management Committee:
    • Drives coordination between Credit, Market, Op, Reputation and Strategic Risk
  3. Op Risk Sub-Committee:
    • Reviews business line Op Risk profiles, monitors risk environment
    • Examines firm-wide risk issues and action plan implementation
  4. Operational Risk Management Department:
    • Provides independent review of open risk issues, action plans
    • Coordinates output into enterprise analysis
  5. Business Line/Op Risk Managers:
    • Business line owns the risk
    • Op Risk managers implement risk management tools

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