The Enterprise Controls Lab is part of the Risk Value Stream, and is primarily located in London.
It supports the delivery of an enhanced Risk & Control Strategy for the Group, by delivering the tools to help colleagues across the business identify, manage and report the risks to their customers.
This involves using an Agile approach to deliver incremental enhancements to the risk & control environment, working closely with the Conduct, Compliance & Operational Risk teams.
There are risks that are inherent to the way that LBG conducts business and serves its customers. The Enterprise Controls Lab manages these inherent risks through applying controls, which reduce the impact or likelihood of the risk occurring and becoming an event. The costs associated with risk events are high - through operational losses and associated rectifications, reputational impacts or regulatory intervention. LBG provisions capital, under guidance from the PRA, to cover the risk exposure - which can then not be invested or returned to shareholders. Through improving the effectiveness of our risk and control environment, LBG can reduce the number and impact of risk events and therefore the capital provisioned to protect against these events.
The Lab's primary focus at the moment is to deliver the overarching One Risk & Control Strategy, the delivery of an enhanced risk and control self-assessment system. This will be built around IBM's Open Pages solution on cloud infrastructure and focussing on automation and utilising machine learning technologies. The team are currently in-housing application support and development from IBM.
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