Developing National Occupational Standards for Risk Management for the Financial Sector
 

The Project to develop NOS for Risk Management for the Financial Sector was launched in January 2008 and it will be running through until January 2009.

In their daily business activity financial institutions face a variety of risks, and good risk management identifies and treats risks and increases an organisation’s probability of success, thereby reducing the uncertainty of achieving the organisation’s overall objectives. However, whilst there are many Standards which already mention risk and risk management, these are not specific to the financial sector.

This Project will be approaching Risk Management for the Financial Sector from the angles of Prudential Risk and Business Risk and will be examining the following sub-areas: credit, liquidity, market and treasury, and then operational, insurance and group.  When complete, the NOS will supplement those already approved for Compliance and Anti-money Laundering, and the NOS being developed for Countering Financial Crime.

The need for these NOS has been employer-identified and when in place they'll help to assist in an organisation’s strategic development and improve confidence amongst customers, employees and shareholders in the organisation’s management and accountability.

We're very keen to hear from practitioners involved in the development and operation of risk management systems in the financial sector, who would be willing to provide feedback on the Project’s emerging work.

We'll also be running a number of consultation events in the autumn where there will be the opportunity for networking and to review this work.

For further information about the Project, please contact our Assistant Standards Manager, Chris Kennedy at chris.kennedy@fssc.org.uk