IRVINE, Calif.--(BUSINESS WIRE)--RGP Managing Consultant Candice Nonas will discuss the challenges banks and other financial institutions face when trying to manage operational risk and mitigate resulting losses at the 3rd Annual Operational & Enterprise Risk Management Congress 2017 on October 19-20, 2017, at the New York Marriott Downtown in New York, NY.
“News headlines are filled with accounts of losses banks and other financial institutions suffer as a result of not managing operational risk,” said Nonas, a veteran in the financial services industry who has spent her career in investment banking and bank regulation. “If we look back at the major causes of the recent recession, we see that many banks and financial institutions lacked basic processes and procedures to capture and mitigate operational risk. As a result, regulators have sharpened their pencils and introduced new regulations in these areas and increased standards for holding banks accountable.
“Financial institutions are increasingly engaging with third parties to support core business processes, provide critical technology support and conduct direct customer-related activities, making it more important than ever that these institutions get risk management right for both business and strategic reasons,” according to Nonas, who previously worked for the FDIC in Washington, D.C.
“Third-party risk is a key talking point in the industry and at the conference because financial institutions are being held responsible for the actions of third parties taken on their behalf, including lenders, servicers, and lawyers,” said Nonas. “Since that responsibility goes all the way up to the board of directors, risk managers must have a governance process that informs the board of the entire cycle of managing third-party risk: risk assessment, due diligence and selection, contract structuring and oversight,” according to Nonas.
RGP is a multinational business consulting firm that helps leaders execute internal initiatives. Partnering with business leaders, we drive internal change across all parts of a global enterprise – accounting; finance; governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; and legal and regulatory.
RGP was founded in 1996 within a Big Four accounting firm. Today, RGP is a subsidiary of a publicly traded company, Resources Connection, Inc. (NASDAQ: RECN), with over 3,300 professionals, annually serving over 1,800 clients around the world from 69 practice offices.
Headquartered in Irvine, California, RGP has served 87 of the Fortune 100 companies. Visit www.rgp.com/global-offices to find the office nearest you. (RECN-M)