A solid understanding of Sound Practices Principles - as laid down by BIS including the latest Sound Practices for the Management & Supervision of Operational Risk (June 2011) - together with prior experience gained from providing risk advisory services and conducting due diligence for various financial institutions globally would be used as reference in the benchmarking phase.
- Determining shortfalls against international best practice and standards
- Preparing comprehensive report of gaps to be covered
- Presentation of findings together with recommendations accommodating local practices
- Prioritization of gaps with Senior Management
- Implementation planning development (timelines, milestones, resource allocation)
GSA will produce Gap and Recommendations report that would provide guidance to the institution towards developing a 'best of its class' risk infrastructure.