Support in Operational risks analysis and Business Continuity Management for a bank
Northstream’s client is a Nordic bank, providing financial services to consumers and enterprises. The client needed to review and update its operational risks and Business Continuity Plans for one of its business areas and ensure they are compliant with both internal and external policies and regulations.
Northstream conducted interviews, analysis and compiled an updated list of the key operational risks across risk categories such as processes, information security, personnel, compliance. Each of the risks was described with cause and effect and rated for likelihood to occur and potential impact in accordance with internal guidelines. Risks with low likelihood but high impact were identified as Business Continuity Management (BCM) risks. For each of the BCM risks a Business Continuity Plan was developed in order to provide the organization with a step-by-step action plan in the event that the risk event may occur. The BCP was tested in a workshop.