At its Annual General Meeting held on 29 November 2012, the Council of the Institute of Operational Risk (IOR) announced a revised three-year corporate strategy for the IOR, which included a number of changes to its governance structure.
The revised corporate strategy was the result of a Strategic Review and Membership Survey conducted during 2012. The results were presented at the AGM by Simon Ashby, Vice Chairman of the IOR Council and Chairman- elect of the IOR Council.
As most of the members of the IOR work directly or indirectly in the financial services industry, the IOR will maintain a specific focus on financial services for the next three years. However, as operational risk is a cross- sectoral discipline, the IOR remains open to members from other industry groups. Once the membership body becomes more diverse, the industry focus of the IOR will be broadened.
The IOR will continue its work to facilitate knowledge transfer with three distinct programmes:
- The IOR will work with a selected number of universities globally to recognise operational risk-related diplomas, degrees and advanced qualifications. Students will be enrolled as Associate Members of the IOR for the duration of their studies.
- The IOR will continue its work on developing a certificate in operational risk. Non-members undertaking their studies will also be enrolled as Associate Members of the IOR.
- The IOR will continue to accredit carefully selected third party courses and events and advertise these to the Membership.
The IOR will continue to develop and provide more information services, including more of the successful Sound Practice Guidance Papers.
Events, seminars and networking are one of the highest priority benefits required by the Members according to the results of the Membership Survey. The design, scheduling and conduct of events and seminars therefore will be a primary function of the IOR’s Country Chapters going forward. Events will be supported centrally through a database of events and suggestions and feedback disseminated to each Chapter.
The growth of Chapters will be accelerated, and Chapters will have more autonomy and will be able to raise their own sponsorships, run their own events, recruit Members, and manage local finances.
The new corporate strategy has resulted in a number of changes to the IOR’s governance arrangements. The single tier management group of the IOR will replace the present two tiers, leading to more efficiency. The numbers of Directors will be increased to 15 and there have been several other personnel changes on the IOR council, not least the retirement of current Council Chairperson, Edward Sankey. Edward retired at the end of the maximum term of office and is expected to be replaced by Simon Ashby as Chairman of the Council at the next Council meeting.
Bharat Thakker was elected as a new Director of Council. Bharat works at Investec Bank plc where he is Group Head of Operational Risk. The Institute is delighted to welcome Bharat to the Council.
Asim Balouch, Head of Operational Risk Central at Barclaycard, was elected Honorary Treasurer, taking over from Jonathan Birrell-Gray.
Simon Ashby and Mike Finlay, chief executive of RiskBusiness International, were re-elected as Directors of Council for a second term.
Notes to editors:
The Institute of Operational Risk (IOR) is a professional body, existing to serve its Members and to promote and develop the discipline of operational risk management. It was formed to provide professional recognition and to enable Members to maintain competency in the discipline of operational risk.
The Institute, as reflects the industry, has a drive and passion in regard to operational risk in developing standards and education, also providing a forum to exchange ideas and best practice within the industry.