The Institute of Operational Risk recognises the need for an internationally accepted qualification which is academically robust and covers the full depth and breadth of modern Operational Risk Management.  We believe it is a key role for the Institute to set standards of qualification and professional development in support of personal growth, career management and employer confidence as well as supporting the development of the Operational Risk discipline itself. 

We also believe the Institute will be unique in offering a study programme which recognises the full range of skills and knowledge required today and in the future from an Operational Risk practioner.  Our study programme is not solely BASEL compliance (Finance sector) focussed but is intended to support good risk management practices across a wide range of industry and business types. Our qualification will offer three levels of development; Entry, Intermediate and Advanced covering the following eight modules which include a range of sub topics, some of which are also described here: 

Risk Frameworks:
· Control Self Assessment
· Process Mapping
· Risk/Reward
· Structures
· Quality
· Quantitative v Qualitative

Corporate Governance:
· Role of Boards and Executive
· Independence and oversight i.e. KPG 3 Lines of Defence Model · Reporting
· Risk Appetite

Identification and Assessment of Risks:
· Key Risk Indicators
· Loss Events
· Strategic Risk
· Change Management
· Behavioural aspects

Mitigation:
· Insurance
· Operational Risk Capital
· Root Cause
· Action Planning
· Key Control Indicators 

Outsourcing:
· Strategic/Political/Country Risk
· Selection criteria
· Management control. Prudential standards

Quantification:
· Basic understanding of models, how they are used, what they
don’t do
· Awareness of probability estimation
· Linkage with Capital
· Internal and external events

Regulation:
· Role of Regulators
· Current Regulatory Issues – including BASEL/CRD/PSB Risk Capital 

Business Resilience:
· Resilience of key processes and systems
· Protection of key assets – people, premises, infrastructure
· Crisis Management
· Business Continuity Planning v Disaster Recovery


We will also accept and grandfather relevant existing qualifications either to provide exemptions from specific modules or to evidence achievement of a required standard. 

Based on industry feedback as to what would be most valuable to practioners, the priority focus for the Institute will be on an entry level qualification based on a multiple choice questionnaire covering all 8 modules.  This is currently a work in progress.