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The Institute of Operational Risk
The Institute of Operational Risk (IoR) was established in January 2004     and in accordance with the requirements stipulated by the UK Secretary of State in regard to the formation of an Institute. It was formed as a professional body in response for a need to promote and maintain standards of professional competency in the discipline of Operational Risk Management. This need had originally been identified and addressed through the pioneering work of the Operational Risk Research Forum (ORRF). Having established a high standard and reputation for Operational Risk management, training and education, ORRF sought permission from the UK Secretary of State to form The Institute of Operational Risk. With support from, the British Bankers Association (BBA), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin) , Cambridge University Judge Institute of Management , International Swaps and Derivatives Association (ISDA) and the Financial Services National Training Organisation (FSNTO) the Secretary of State granted ORRF permission to form the Institute of Operational Risk.

Since incorporation, the stated mission of the IoR has been to promote the development and discipline of Operational Risk and to foster and maintain investigations and research into the best means and methods of developing and applying the discipline and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas.

Stewardship of the newly formed IoR was entrusted to Peter Brown, David Clark, Victor Dowd, John Thirlwell and Brendon Young who were either senior financial regulators , senior members of the BBA and/or ORRF respectively. Between 2004 and 2006, with Brendon Young as Chairman, membership of the IoR steadily increased. As membership continued to grow, it became necessary to refine the original governance structure and in late 2005, a new two tier framework was proposed. This change in governance was significant as it recognised the fact the Institute had evolved from a professional body of national standing to one international repute. This refined governance framework was formally adopted by IoR members in January 2006 and Brendon, as IoR Chairman oversaw this change. After forming the IoR together with three years as the Institute’s first Chairman, Brendon Young stepped down in 2007. Under new stewardship, the IoR continues to grow. It is open to all with an interest in Operational Risk and it has four grades of membership ; Fellow; Professional Member; Member and Associate.

Fellow This is an honorary award for those who have actively contributed to the development of the Institute and/ or individuals of high-standing within the discipline of Operational Risk who meet the requirements as from time to time determined by the Institute.

Professional Member This is open to those with a minimum of two years relevant experience in risk management and who are currently working in an operational risk management position.

Member This is open to those with a minimum of two years practical experience and who are currently active in a risk related role. This may include individuals currently working in internal audit or compliance. This category is also open to those working in academia.

Associate This is open to those who are working towards achieving a higher grade of membership or actively engaged in research, education and training, or an associated field or interest in Risk Management. Typically, the Institute views this category for those people who are starting out on their career and who are interested in learning more about operational risk management. Block quote

Notes and References

1	Companies House registration number 05011746

2	London Gazette 13 January 2004 Issue number: 57176 3	OpRisk Magazine June 2004

4	OpRisk & Compliance, 1 November 2007

5	Young, B. & Coleman, R. June 2009 “Operational Risk Assessment:   The Commercial Imperative of a more Forensic and Transparent Approach”  Wiley Finance ISBN 978-0-470-75387-3

6	Institute of Operational Risk

7	Wikipedia link to Institute

8	Sensitive words FAQ on Companies House website

9	Business Names - GBF3, guidance on Companies House website

10	Operational Risk Research Forum (ORRF)

11	British Bankers Association (BBA)

12	Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin)

13	Cambridge University Judge Institute of Management

14	International Swaps and Derivatives Association (ISDA)

15	The Financial Services National Training Organisation (FSNTO) was superseded by the Financial Services Skills Council

16	Wikipedia link to Operational Risk

17	Link to Victor Dowd

18	Link to John Thirlwell

19	The UK Financial Services Authority

20	Bank of International Settlement (Basel Committee on Banking Supervision)

21     IoR Membership Details

--RMD41 (talk) 10:20, 3 May 2009 (UTC)