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Challenges in Operational Risk Management Transformation

The common challenges  in  transforming Operational Risk Management Framework from Basic Indicator Approach  to Standardized and Advance Measurement Approach  is enormous.  ORMA Architecture Inc. have not known any bank who transform from Basic Indicator Approach directly  to  Advance Measurement Approach.  Rather, from Basic Indicator Approach, many  banks setup & stabilize   the first the infrastructure required of Standardized Approach for  1 to 3 years before  transforming  to Advance Measurement Approach. In going through the transformation the key challenges are:

    1. Data Management
    2. Systems Integration
    3. Organizational Issues
    4. Staffing
    5. Technology Mix
    6. Communications
    7. Future-proofing of the system

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