Operational Risk Frameworks for Central Banks Training Course

Introduction
In an evolving financial and technological landscape, central banks must be equipped with robust operational risk frameworks to safeguard institutional integrity, ensure business continuity, and uphold public confidence. The Operational Risk Frameworks for Central Banks Training Course is designed to provide comprehensive insights into the identification, assessment, mitigation, and monitoring of operational risks specific to central banking. From cyber threats and internal process failures to reputational and third-party risks, this course explores how central banks can effectively manage non-financial risks through structured governance and resilient systems.

Delivered over five intensive days, the program combines international best practices, regulatory guidance, and practical case studies to build internal capacity for proactive operational risk management. Participants will engage with proven methodologies, such as Risk and Control Self-Assessments (RCSAs), Key Risk Indicators (KRIs), incident management, and scenario analysis, all tailored to the context of monetary authorities. The course also addresses the integration of operational risk into enterprise risk frameworks, fostering a risk-aware culture and strong internal controls within central banks.

Duration: 5 days

Target Audience:

  • Central bank operational risk and enterprise risk management teams
  • Internal audit and compliance officers
  • Heads of department and unit managers
  • Financial stability and regulatory oversight staff
  • ICT, security, and business continuity professionals

Course Objectives:

  • Understand the nature and scope of operational risk within central banks
  • Design and implement structured operational risk management frameworks
  • Apply key tools such as RCSAs, KRIs, and loss event data collection
  • Integrate operational risk into strategic planning and governance
  • Strengthen institutional resilience through robust controls and response mechanisms

Course Modules

  1. Introduction to Operational Risk in Central Banks
  • Defining operational risk in the context of central banking
  • Sources and categories of operational risk
  • Basel guidelines and global practices in operational risk
  • Unique risk exposures of monetary authorities
  • Importance of a proactive risk culture
  1. Operational Risk Governance and Framework Design
  • Establishing risk governance structures and reporting lines
  • Roles and responsibilities across departments
  • Development of operational risk policies and charters
  • Central bank board and executive risk oversight
  • Embedding risk accountability at all levels
  1. Risk and Control Self-Assessments (RCSAs)
  • Purpose and methodology of RCSAs
  • Identifying key processes and associated risks
  • Evaluating the effectiveness of existing controls
  • Risk rating and prioritization techniques
  • Action planning and mitigation tracking
  1. Key Risk Indicators and Risk Monitoring
  • Designing and selecting meaningful KRIs
  • Linking KRIs to risk appetite and early warning systems
  • Data sources and frequency of monitoring
  • Interpreting trends and signals
  • Using KRIs in risk dashboards and reports
  1. Incident Management and Loss Data Collection
  • Setting up systems for capturing internal loss events
  • Categorizing and analyzing incidents
  • Root cause analysis and remediation planning
  • External loss data benchmarking
  • Confidentiality, escalation, and reporting processes
  1. Scenario Analysis and Stress Testing
  • Developing risk scenarios relevant to central banks
  • Quantifying potential impact and likelihood
  • Integrating scenarios into capital and risk planning
  • Facilitating scenario workshops with stakeholders
  • Using scenario outcomes to test resilience
  1. Integration with Enterprise Risk Management (ERM)
  • Aligning operational risk with strategic and financial risks
  • Connecting operational risk to the central bank's mandate
  • ERM frameworks and holistic risk oversight
  • Embedding risk in policy formulation and implementation
  • Cross-functional coordination and risk aggregation
  1. Case Studies and Emerging Risk Challenges
  • Cybersecurity and information system risk in central banks
  • Third-party and outsourcing risk management
  • Business continuity and crisis response planning
  • Reputational risk from operational failures
  • Global case studies of operational risk breakdowns

CERTIFICATION

  • Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

  • Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

  • Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com

 

Operational Risk Frameworks For Central Banks Training Course in Finland
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