1. Foundation 2. Intermediate 3. Professional
Accreditation We lay great store in accreditation. Therefore, upon successful completion of ORRF programmes participants can expect to pass examinations set by external bodies:
1. At the Introductory level participants can expect to pass both the Management of Risk (MOR®) examination and the Prince 2™ project risk management examination, promoted by the UK Government's Office of Government Commerce (OGC) 2. At the Intermediate level, participants can expect to pass the operational risk examinations set by Securities & Investment Institute and the Institute of Chartered Accountants of Scotland 3. At the Professional level, after completion of each taught course (which is based upon the ORRF programme delivered to the Dutch National Bank), candidates are expected to submit a thesis. This will be subject to external examination by industry practitioners and university academics, who are members of ORRF and recognised experts in the discpline of operational risk.
The Importance of Training & Professional Development Training & Competence is regarded by the regulators as one of the principal tools for influencing the behavior of the industry. The FSA's Training and Competence Sourcebook states that ensuring satisfactory levels of competence is a pre-requisite for achieving all of the FSA's statutory objectives - consumer protection, market confidence, public awareness and the reduction in crime. A firm must take reasonable care to satisfy itself on a continuing basis of the suitability of anyone who acts for it, including assessing an individual's honesty, integrity, reputation, competence and capability. In assessing the risk of material misstatement, the Sarbanes-Oxley Act requires management to determine whether staff have the necessary objectivity and competence. Regulatory authorities will require organizations to comply with rules and guidance covering the five linked components of: recruitment, training, attainment of competence, maintaining competence and supervising competence. The FSA has stated 'The firm's commitments to training and ensuring competence should be to:
1. Advance and maintain the competence of its employees 2. Ensure that its employees remain competent for the functions they carry out 3. Ensure that its employees are adequately supervised in relation to the attainment and maintenance of competence 4. Ensure that the training for and competence of its employees is regularly reviewed. In dealing with commitments (1)-(4), take account of the level of competence that is necessary, having regard to the nature of its business and the role of its employees.'
