Without addressing tax risks as part of the Solvency II programs, companies can potentially implement Solvency II without adequately mapping the regulatory capital requirements against their specific risk profile. The criticality of business operations required NSE to focus on risk management as an integral element of its day-to-day business processes.
Risk IT is focused on building risk scenarios (also provide list of generic scenarios) that help in directly linking risk management with business processes. Use of the Risk IT framework helped NSE in building a uniform structure and view of IT risk across the organization. The residual risk is arrived at after considering the impact of implemented controls over inherent risk. Continuous operational activities are involved in tackling risks in functions such as Finance, Sustainability and HSEQ, and ICT, as well as those related to corporate reputation, legal affairs, technology, investments, and Human resources. Risk awareness across the organization, based on proactive thinking and behavior among individual employees.
Considering the future road map and alignment of the Risk IT framework with COBIT, COBIT 4.1 control objectives were used to identify control gaps and to assess the impact of controls on the risk profile.

However, during the review of risk assessment, it was observed that the dynamic nature of the business environment had been prompting frequent changes in IT infrastructure. An Excel-based tool that automatically updates the risk profile is being used to track and maintain risk changes. Up until this new focus, the existing risk management process mainly focused on addressing business risk.
In risk assessment it is used by asking the experienced judgment on the likelihood and impact of risk to users who are associated in the risk evaluation process to arrive at consensus on measures of likelihood and impact of identified risk. The IT risk assessment method was complementary to the business risk processes, and the approach adopted was periodic assessment (once a year), which until now was considered adequate. The IT risk management project2 was initiated with a primary objective to ensure that ongoing risk assessment was an integral part of IT operational and governance processes. Each market segment has four major processes: trading (consisting of placing orders by members that are matched by matching engine and confirmed), risk management (online monitoring of activities), surveillance (online pattern matching to identify out-of-turn trades to restrict malpractices), and clearing and settlement (involving delivery of securities), in addition to various supporting processes. Bakshi has previously worked in various capacities with the State Bank of India, the Enterprise Risk Services Group of Deloitte Touche Tohmatsu, India Private Limited, and Wipro Consulting Services.

Figure 4 depicts the mapping of risk management processes covering these high-level IT processes.
Business areas and corporate common functions have additional principles, instructions, and procedures related to risk management, approved by the President & CEO or a member of the Neste Executive Board. Review and sanitize the risk profile by eliminating mathematically inappropriate impacts and likelihood. NSE concluded that changes in risk need to be tracked on an ongoing basis and identified the following triggers as having an impact on risk status: incidents, events, changes in IT and business environment, and procurement based on strategic IT decisions. A uniform scale for quantifying the likelihood and qualitative impact assessment was defined for use across the organization.

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