March 17, New York

Workshop 3: Coordination of ORM, IT Risk and Data Governance

Led by: Richard Cech, Senior Bank Examiner, Operational Risk Governance, Financial Institution Supervision Group, FEDERAL RESERVE BANK OF NEW YORK


8:30 Registration and breakfast

9:00 Coordinating ORM, IT Risk and Data Governance - Facing the Gordian Knot

  • Many critical risk exposures at financial organizations cross formal risk management lines
  • Many span traditional "lines of defence," complicating already difficult role and responsibility assignments
  • Is there a general approach that is both integrative and effective--without tying the organization into knots?

10:30 Morning coffee break

11:00 IT Risk Management - a Joint and Several Challenge

  • Available approaches to IT Risk Management (ITRM), aligned with systems and information flow objectives
  • Barriers to communication across ORM / ITRM boundary - correlating cause and effect, tracking incidents and remediation
  • Variations in workshop participant action models, are best practices developing?

12:30 Lunch

1:30 Data Governance - Aggregation and Beyond

  • A new but growing discipline, data governance sits at the core of effective business conduct and enhanced risk management
  • What are the components of effective data governance? What obstacles can arise in standing up a program?
  • How can data governance be coordinated with ORM and IT Risk Management initiatives - are firms addressing this question? Using DCM?

3:00 Afternoon coffee break

3:30 Information Security - is it a Separate Discipline?

  • To what extent is information security a "lone ranger" among the risk management partners, working on a separate set of problems?
  • What are the opportunities (and necessities) of building systematic links with other risk disciplines?
  • What approaches are participant firms taking to ensure maximum leverage of available risk resources to avoid damaging incidents?

5:00 End of workshop



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