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FICOBank Conducts Orientation on Its Operational Risk Management System

So as to educate its employees on how to sustain a safe and sound business operation—in a way that can satisfactorily meet the expectations of, and appropriately comply with the prudential requirements by, the Bangko Sentral ng Pilipinas (BSP) on operational risk management (as prescribed by BSP Circular, numbered 900)—FICOBank conducted an orientation re the Board-approved Operational Risk Management (ORM) System. It was held on August 19, 2017 at the Function Hall of FICOBank Corporate Office in Cauayan City, Isabela, and participated by the managers, department/office heads, assistant managers, office assistants and other selected staff of the Bank.

As operational risk covers a broad scope, different modules/topics were discussed during the orientation. To know what operational risk is all about and how it should be managed, Dr. Robert R. Palac, Head of the Business Development Department (BDD), presented the Operational Risk Management Framework of the Bank, as well as the various categories, causes and events of operational risk that may threaten the business operations of the Bank.

Afterward, some of the complementary manuals and required programs of the Bank’s ORM were also presented by the other speakers. Ms. Marjorie J. Cabigas, Head of the Credit Risk Management Office (CRMO), talked about the Risk Management for Financial Inclusion Initiatives. She emphasized that risks arising from the financial services provided to the unserved and underserved market should be effectively managed, as most of the Bank’s products and services are in pursuance of financial inclusion.

Mr. Albert V. Agnes, Head of the Internal Audit Department (IAD), discussed the Bank’s Information Security Program. He presented the information security standards and guidelines of the Bank, and the disciplinary process and actions for security violations, among others. He also discussed the amendments made in the Internal Control Program of the Bank.

The Crisis Management Program was presented by Mr. Jimmy C. Padernilla, Chief Security Officer (CSO) of the Bank. He discussed the different crises/events that may possibly strike the Bank, as well as the crises management structure, program components/phases, crisis management plan and communication protocols.

The presentation on Business Continuity Management (BCM) was delivered by Ms. Fae Marie Louise M. Esteban, Planning & Technical Writing Assistant of BDD. She explained the Bank’s BCM Framework and its composition. Brief descriptions on the Business Continuity Plan of the Bank and other BCM plans and programs were also discussed.

The organizational entities represented by the participants were given copies of the said manuals and programs, so as to enable them to implement the same properly and effectively.





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