Accenture proposed the definition of an OpRAF for the bank, including definition of a governance model and methodology, followed by a pilot implementation. This would assist in the creation of an actionable risk management tool to help steer business decisions, help identify risk promptly, and help provide appropriate actions and processes to mitigate risk and/or escalate issues. Definition of an operational risk assessment process for potentially sensitive transactions, such as outsourcing transactions and new business initiation, was also proposed.
Accenture’s innovative OpRAF approach employed forward-looking metrics linked to the bank’s business strategies to support accountable business practices. It will assist the bank to timeously address process and behavior issues that may potentially disrupt budget achievements, and help it to achieve its desired risk/return profile.