Sub: Operation Management Topic:
The Homework solutions from Classof1 are intended to help students understand the approach to solving the problem and not forsubmitting the same in lieu of their academic submissions for grades.
is a financial institution offering banking, insurance and asset management to corporateand institutional clients. With a diverse workforce, Bank Insure comprises a broad spectrum of prominent companies that increasingly serve their clients under its brand. Key to Bank Insure is itsdistribution philosophy 'click
face'. This is a flexible mix of internet, call centers, intermediariesand branches with which Bank Insure can fully deliver what today's clients expect: unlimited access,maximum convenience, immediate and accurate execution personal advice, tailor-made solutionsand competitive rates.
Bank Insures strategy
is to achieve stable growth while maintaining healthyprofitability. Bank Insurer
’s financial strength, its broad
range of products and services, the widediversity of its profit sources and the good spread of risks form the basis for Bank Insures continuityand growth potential. Bank insures shareholders, board, rating agencies, international and nationalregulators require that Bank Insure consistently and periodically identifies measures and monitors itskey operational risks that the business runs in achieving its objectives. The Risk Policy Committee of Bank Insure decided early in the year 2001 to set up the function
(GORM). This function exists next to functions such as internal control, businesscontrol and
corporate audit services
(CAS). GORM predominantly aims to support generalmanagement with raising operational risk awareness and create early insight. Other important goalsof GORM are: increasing operational risk and loss transparency e.g. incident reporting, improving riskprocesses e.g. to identify and control operational risks, prepare Bank Insure for improving GORM.The recommendations made by GORM to the management committees and the business units aremainly based on information that is derived from e.g. facts on historical loss data, expert judgment,critical incidents and near misses.Before the actual expert judgment activities take place, there is an underlying motive for GORM toinitiate an inquiry. The documents that we studied and the interviews we conducted indicate that it