The Financial Institution Risk Assessment Template has been developed to address the growing complexity of risk management in Australian financial institutions and the increasing scrutiny from regulatory bodies. This document is essential for financial institutions operating under Australian jurisdiction, particularly those regulated by APRA and ASIC. It should be used when conducting regular risk assessments, reviewing risk management frameworks, or responding to regulatory requirements. The template encompasses comprehensive risk evaluation across various categories including credit, market, operational, and compliance risks, while incorporating specific requirements from Australian prudential standards and regulatory guidelines. It is designed to be adaptable for different types of financial institutions while ensuring consistency with regulatory expectations and industry best practices.
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1. 1. Document Control: Version history, approval details, and review schedule for the risk assessment template
2. 2. Executive Summary: High-level overview of the risk assessment process and key findings
3. 3. Introduction and Purpose: Objectives of the risk assessment and its role in the organization's risk management framework
4. 4. Scope and Methodology: Details of what is covered in the assessment and the approach used
5. 5. Institutional Overview: Description of the financial institution's structure, operations, and business activities
6. 6. Regulatory Framework: Summary of applicable regulations and compliance requirements
7. 7. Risk Categories Assessment: Detailed assessment of core risk categories including credit, market, operational, liquidity, and strategic risks
8. 8. Control Environment: Evaluation of existing control measures and their effectiveness
9. 9. Risk Rating Methodology: Framework for rating and prioritizing identified risks
10. 10. Key Findings and Risk Profile: Summary of significant risks identified and overall risk profile
11. 11. Action Plans and Recommendations: Proposed measures to address identified risks and improve controls
12. 12. Monitoring and Review Process: Procedures for ongoing monitoring and periodic review of risks
1. Cybersecurity Risk Assessment: Detailed evaluation of IT and cyber risks, recommended for institutions with significant digital operations
2. Third-Party Risk Management: Assessment of risks related to external service providers and vendors, relevant for institutions with significant outsourcing arrangements
3. Foreign Exchange Risk Assessment: Evaluation of foreign exchange exposure risks, applicable for institutions engaged in international operations
4. Environmental and Social Risk Assessment: Analysis of environmental and social impact risks, recommended for institutions with ESG commitments or requirements
5. Product-Specific Risk Assessment: Detailed risk assessment for specific financial products or services, relevant when launching new products
6. Branch Network Risk Assessment: Evaluation of risks specific to branch operations, applicable for institutions with physical branch networks
1. Schedule A: Risk Assessment Matrices: Detailed risk assessment scoring matrices and evaluation criteria
2. Schedule B: Control Testing Templates: Templates and checklists for testing control effectiveness
3. Schedule C: Regulatory Compliance Checklist: Detailed checklist of regulatory requirements and compliance status
4. Schedule D: Risk Register Template: Template for documenting and tracking identified risks
5. Schedule E: Action Plan Timeline: Detailed timeline and responsibilities for implementing risk mitigation measures
6. Appendix 1: Risk Assessment Questionnaires: Standard questionnaires for various aspects of risk assessment
7. Appendix 2: Key Risk Indicators (KRIs): List of KRIs and their thresholds for different risk categories
8. Appendix 3: Reporting Templates: Standardized templates for risk reporting to various stakeholders
9. Appendix 4: Glossary of Terms: Definitions of key terms and concepts used in the risk assessment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Insurance
Investment Management
Wealth Management
Credit Unions
Building Societies
Payment Services
Financial Technology
Superannuation Funds
Mortgage Providers
Securities Trading
Foreign Exchange Services
Relevant Teams
Risk Management
Compliance
Internal Audit
Legal
Operations
Finance
Treasury
Corporate Governance
Credit
Information Technology
Regulatory Affairs
Financial Crime
Strategy and Planning
Business Continuity
Data Analytics
Relevant Roles
Chief Risk Officer
Risk Manager
Compliance Officer
Internal Auditor
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Regulatory Affairs Manager
Operations Manager
Financial Controller
Board Member
Risk Analyst
Compliance Analyst
Senior Risk Consultant
Prudential Risk Manager
Head of Governance
Financial Crime Specialist
Treasury Manager
Credit Risk Manager
Operational Risk Manager
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