Development of an Operational Risk Scorecard for Private Wealth Management
Leading Global Bank
BearingPoint was asked to develop an OpRisk Scorecard for the PWM division. After implementation of an advanced measurement approach for OpRisk, the division was looking for a solution that tied key risk indicators more closely together with daily business operations.
Objectives of the project
Develop an OpRisk Scorecard for the Private Wealth Management (PWM) division that ties key risk indicators more closely together with daily business operations.
Measurable & concrete results
- Risk Oriented Sample Scorecard to measure weaknesses in processes
- Reporting scheme for executive committee
- Project plan for worldwide implementation
- Test scorecard in foreign branches
Key success factors
Consistent descriptions and measurement of operational risk within the PWM division
Creating a comprehensive Risk Sampling & Control Environment
Integration of Key Risk Indicators into daily business
Balance the cost of controls versus the underlying risks of its business activity