Risk Management for the Financial Sector

National Occupational Standards for Risk Management for the Financial Sector

"The Institute of Risk Management fully supports the development of these National Occupational Standards. The need for effective and efficient risk management across the financial services sector has never been greater and we are pleased to have been involved in the development of a useful tool that will provide significant help and guidance in this area."

Steve Fowler, Chief Executive, The Institute of Risk Management

Background information

In their daily business activities, financial organisations face a variety of risks. Good risk management will identify and treat risks, thereby increasing an organisation's probability of success. This will help to reduce the uncertainty of the organisation achieving its overall objectives.

To support the risk management function within a financial services organisation we have developed NOS for Risk Management for the Financial Sector. The units fit broadly into the four areas for financial services which cover:

  • Setting objectives and design processes to manage risk in the financial sector.
  • Identifying and assessing risks and controls to the organisation.
  • Implementing and executing the risk management process in the financial sector.
  • Monitoring, evaluating and challenging risk management processes and systems.

The National Occupational Standards

The project to develop NOS for Risk Management for the Financial Sector ran between 2 January 2008 and 31 January 2009, this being the date when the final draft of the Standards was sent to the UK Commission for Employment and Skills for approval.

Steering and Working Groups helped developed these NOS and Group members defined the key purpose of risk management as being: ‘To safeguard an organisation, its reputation, assets and the interests of stakeholders (including customers) by identifying, managing and reporting threats to achievement of its business objectives'. The Groups also helped in the development of the Functional and Occupational Maps, which are available below.

A wide, industry consultation exercise took place between September and November 2008, and the feedback received helped inform the final draft version of the NOS for Risk Management for the Financial Sector - which was approved for publication in April 2009. Click here to access:

The units can also be downloaded individually from the NOS Directory, at the following links:

www.ukstandards.org.uk/Find_Occupational_Standards.aspx?NosFindID=4&SuiteID=1823

Further information

For further information about these NOS, please contact the NOS team by emailing [email protected] or by calling 0845 618 2379.

Your feedback

We welcome feedback on the National Occupational Standards which we have produced. If you would like to comment on the NOS for Risk Management for the Financial Sector, please complete and return the feedback form (which can be downloaded below) to [email protected].

 


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