The FMA has developed a risk management framework to help identify risks to the key areas of its operations. The risk management framework sets out the policy and principles, design and implementation, monitoring and review, recording requirements and continued improvement of the framework. As part of the framework, the FMA maintains an operational risk register.
The effectivness of our risk management framework is owned and reviewed by the executive leadership team throughout the year and is subject to oversight by the Audit and Risk Committee (which reports to the Board). The Board also receives quarterly reports on operational risk. The operational risk framework aligns closely to the FMA’s process and framework for identifying and managing our more external and market focused strategic risks.
The FMA publishes its view of strategic risks in its strategic risk outlook.