This newly defined approach combines the company's consultancy and software expertise to deliver best practices in operational control and operational risk management. Additionally, BCS has initiated the Operational Risk in Investment Banking Operations (ORIBO) Forum, a regular meeting for key industry figures to establish standards which will help further reduce operational risk in investment banking operations.

BCS CTRL+ enables firms to successfully diagnose operational risk, implement changes and achieve continuous improvement through real-time visibility over the
status of risks and controls. The consultancy offering of this methodology encompasses an operational health check and a roadmap to make necessary changes to business processes. The third part is the BCS Operational Control Architecture (OCA), which provides a high-impact, low-maintenance enterprise software solution. This monitors control hotspots, highlights issues intra-day, and enables management to respond immediately - helping firms to achieve a continuous control environment. These three independent phases enable organisations to take advantage of the components most beneficial to them in optimising operational risk management.

Jennifer Moodie, head of operational risk at BCS, has been instrumental in the launch of the methodology as well as the inception of the ORIBO Forum. Previously global head of risk analysis and reporting for the operations division at Goldman Sachs, Moodie joined BCS in summer 2007. She commented: "Approaches to operations control and operational risk are converging to form operational risk control. BCS is well placed to meet this changing market approach and help firms meet regulatory demands. In driving the growth of BCS's operational risk consulting division, I aim to leverage the strengths of its operational control solutions extensively. Industry issues relating to both operations risk and control will also be the key focus for the ORIBO Forum."

Following a successful first meeting, the next ORIBO Forum will take place on 18 January, 2008 at the Walbrook Club in London. In addition to establishing industry standards, the forum, which is formed of investment banking practitioners from 22 leading firms, will address the need to move from collecting and reporting information to analysing and proactively optimising the risk/cost equation. Example specific discussion topics for this meeting are improvement of the quality of settlement instructions and the standards needed for posting operations losses to error accounts.

"There is a continual need to raise the awareness of risk management within the financial services sector, particularly during times of financial instability. The efforts of the ORIBO Industry Forum are to be applauded as it seeks to develop best practice industry standards," said Philip Martin, chairman of the Institute of Operational Risk, which is actively involved in the Forum. "The Institute of Operational Risk wholeheartedly supports ORIBO and is pleased to endorse its efforts."