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  • Basel Committee: Principles for the Sound Management of Operational Risk

    • OM-1.1.4

      The paper (see www.bis.org/publ/bcbs195.pdf) issued in June 2011 by the Basel Committee on Banking Supervision, outlines a set of principles that provide a framework for the effective management and supervision of operational risk, for use by banks and supervisory authorities when evaluating operational risk management policies and practices.

      Amended: October 2012
      October 07

    • OM-1.1.5

      The paper also recognises that clear strategies and oversight by the Board of Directors and senior management, a strong operational risk culture and internal control culture (including, among other things, clear lines of responsibility and segregation of duties), effective internal reporting, and contingency planning are all crucial elements of an effective operational risk management framework for banks of any size and scope.

      October 07