Difference between revisions of "Business Environment and Internal Control Factors (BEICF)"
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| − | ''' | + | '''Business Environment and Internal Control Factors (BEICFs)''' is a regulatory term that denotes the set of tools and information generated internally be a regulated firm to inform is [[Operational Risk Management (ORM)|management of Operational Risk]]. |
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| + | Business Environment and Internal Control Factors (BEICF) are indicators of a bank’s [[Operational Risk|operational risk]] profile that reflect underlying business [[Risk|risk]] factors and an assessment of the effectiveness of the [[Internal Control|internal control]] environment. They introduce a forward-looking element to an AMA by considering, for example, rate of growth, new [[Product|product]] introductions, findings from the challenge process (eg internal audit results), [[Employee Turnover|employee turnover]] and [[System|system]] downtime. Incorporating BEICFs into an AMA helps to ensure that key drivers of operational risk are captured and that a bank’s operational risk capital estimates are sensitive to its changing operational risk profile.<ref>Definition - What Does Business Environment and Internal Control Factors (BEICF) Mean? [https://www.bis.org/publ/bcbs131.pdf BIS.Org]</ref> | ||
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| + | [[File:File.png|200px|thumb|left|alt text]]<br /> | ||
| + | source: CAFRAL | ||
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| + | '''Components of BEICF<ref>What are the Components of Business Environment and Internal Control Factors (BEICF)? [https://www.openriskmanual.org/wiki/Business_Environment_and_Internal_Control_Factors openriskmanual.org]</ref>'''<br /> | ||
| + | *Internal Controls and associated Risk and Control Self Assessments | ||
| + | *Key Risk Indicators / Key Performance Indicators | ||
| + | *Audit Scores / Audit Findings | ||
== See Also == | == See Also == | ||
<div style="column-count:2;-moz-column-count:3;-webkit-column-count:3"> | <div style="column-count:2;-moz-column-count:3;-webkit-column-count:3"> | ||
| − | + | [[Business]]<br /> | |
| + | [[Business-to-Business (B2B)]]<br /> | ||
| + | [[Business Application]]<br /> | ||
| + | [[Business-Driven Development (BDD)]]<br /> | ||
| + | [[Business-to-Business Gateway]]<br /> | ||
| + | [[Business-to-Consumer (B2C)]]<br /> | ||
| + | [[Business Accelerator]]<br /> | ||
| + | [[Business Activity Monitoring (BAM)]]<br /> | ||
| + | [[Business Analysis]]<br /> | ||
| + | [[Business Analytics]]<br /> | ||
| + | [[Business Application]]<br /> | ||
| + | [[Business Application Programming Interface (BAPI)]]<br /> | ||
| + | [[Business Architecture]]<br /> | ||
| + | [[Business Asset]]<br /> | ||
| + | [[Business Capability]]<br /> | ||
| + | [[Business Capability Modeling]]<br /> | ||
| + | [[Business Ethics]]<br /> | ||
| + | [[Business Case]]<br /> | ||
| + | [[Business Centric Methodology (BCM)]]<br /> | ||
| + | [[Business Continuity Management (BCM)]]<br /> | ||
| + | [[Business Continuity Plan (BCP)]]<br /> | ||
| + | [[Business Continuity Planning (BCP)]]<br /> | ||
| + | [[Business Cycle]]<br /> | ||
| + | [[Business Diversification]]<br /> | ||
| + | [[Business Driven Technology]]<br /> | ||
| + | [[Business Drivers]]<br /> | ||
| + | [[Business Ecosystem]]<br /> | ||
| + | [[Business Environment and Internal Control Factors (BEICF)]]<br /> | ||
| + | [[Business Excellence]]<br /> | ||
| + | [[Business Expansion]]<br /> | ||
| + | [[Business Function]]<br /> | ||
| + | [[Business Function Model]]<br /> | ||
| + | [[Business IT Alignment]]<br /> | ||
| + | [[Business Impact Analysis (BIA)]]<br /> | ||
| + | [[Business Incubator]]<br /> | ||
| + | [[Business Insurance]]<br /> | ||
| + | [[Business Integration]]<br /> | ||
| + | [[Business Intelligence]]<br /> | ||
| + | [[Business Interruption Insurance]]<br /> | ||
| + | [[Business Life Cycle]]<br /> | ||
| + | [[Business Logic]]<br /> | ||
| + | [[Business Management System (BMS)]]<br /> | ||
| + | [[Business Model Innovation (BMI)]]<br /> | ||
| + | [[Business Model for Information Security (BMIS)]]<br /> | ||
| + | [[Business Motivation Model (BMM)]]<br /> | ||
| + | [[Business Objects]]<br /> | ||
| + | [[Business Operations]]<br /> | ||
| + | [[Business Oriented Architecture (BOA)]]<br /> | ||
| + | [[Business Mission]]<br /> | ||
| + | [[Business Vision]]<br /> | ||
| + | [[Business Model]]<br /> | ||
| + | [[Business Goals]]<br /> | ||
| + | [[Business Objective]]<br /> | ||
| + | [[Corporate Structure]]<br /> | ||
| + | [[Corporate Social Responsibility (CSR)]]<br /> | ||
| + | [[Chief Executive Officer (CEO)]]<br /> | ||
| + | [[IT Strategy (Information Technology Strategy)]]<br /> | ||
| + | [[IT Governance]]<br /> | ||
| + | [[Enterprise Architecture]]<br /> | ||
| + | [[IT Sourcing (Information Technology Sourcing)]]<br /> | ||
| + | [[IT Operations (Information Technology Operations)]]<br /> | ||
</div> | </div> | ||
Revision as of 13:02, 16 July 2021
Business Environment and Internal Control Factors (BEICFs) is a regulatory term that denotes the set of tools and information generated internally be a regulated firm to inform is management of Operational Risk.
Business Environment and Internal Control Factors (BEICF) are indicators of a bank’s operational risk profile that reflect underlying business risk factors and an assessment of the effectiveness of the internal control environment. They introduce a forward-looking element to an AMA by considering, for example, rate of growth, new product introductions, findings from the challenge process (eg internal audit results), employee turnover and system downtime. Incorporating BEICFs into an AMA helps to ensure that key drivers of operational risk are captured and that a bank’s operational risk capital estimates are sensitive to its changing operational risk profile.[1]
source: CAFRAL
Components of BEICF[2]
- Internal Controls and associated Risk and Control Self Assessments
- Key Risk Indicators / Key Performance Indicators
- Audit Scores / Audit Findings
See Also
Business
Business-to-Business (B2B)
Business Application
Business-Driven Development (BDD)
Business-to-Business Gateway
Business-to-Consumer (B2C)
Business Accelerator
Business Activity Monitoring (BAM)
Business Analysis
Business Analytics
Business Application
Business Application Programming Interface (BAPI)
Business Architecture
Business Asset
Business Capability
Business Capability Modeling
Business Ethics
Business Case
Business Centric Methodology (BCM)
Business Continuity Management (BCM)
Business Continuity Plan (BCP)
Business Continuity Planning (BCP)
Business Cycle
Business Diversification
Business Driven Technology
Business Drivers
Business Ecosystem
Business Environment and Internal Control Factors (BEICF)
Business Excellence
Business Expansion
Business Function
Business Function Model
Business IT Alignment
Business Impact Analysis (BIA)
Business Incubator
Business Insurance
Business Integration
Business Intelligence
Business Interruption Insurance
Business Life Cycle
Business Logic
Business Management System (BMS)
Business Model Innovation (BMI)
Business Model for Information Security (BMIS)
Business Motivation Model (BMM)
Business Objects
Business Operations
Business Oriented Architecture (BOA)
Business Mission
Business Vision
Business Model
Business Goals
Business Objective
Corporate Structure
Corporate Social Responsibility (CSR)
Chief Executive Officer (CEO)
IT Strategy (Information Technology Strategy)
IT Governance
Enterprise Architecture
IT Sourcing (Information Technology Sourcing)
IT Operations (Information Technology Operations)
References
- ↑ Definition - What Does Business Environment and Internal Control Factors (BEICF) Mean? BIS.Org
- ↑ What are the Components of Business Environment and Internal Control Factors (BEICF)? openriskmanual.org