Benefits of the Grant Thornton approach

• Understanding and awareness of operational risks at all times and at all levels
• Consistent approach to Operational Risk Management
• Development and enhancement of a control culture: all staff must be involved in the process
• Acceptability to regulators of the process for managing and measuring operational risk, thus reducing capital charges and related capital costs: capital is freed up for more productive and profitable purposes
• Can be used to control and manage, through the development of generic matrices, specific operational risk elements inherent in all banking operations, e.g. money laundering, Know Your Customer requirements, Internet banking, etc.
• Enables board and management to carry out their corporate governance responsibilities in ensuring the bank has an effective and consistent approach to operational risk management and that the board and management are provided with adequate and accurate information to enable informed decisions to be made regarding operational risk management.