Role of Disclosure
OM-8.2.55
Principle 10: A bank's public disclosures must allow stakeholders to assess its approach to operational risk management.
Added: October 2012OM-8.2.56
A bank's public disclosure of relevant operational risk management information can lead to transparency and the development of better industry practice through market discipline. The amount and type of disclosure should be commensurate with the size, risk profile and complexity of a bank's operations, and evolving industry practice. See also Chapter HC-8 and Chapter PD-1 on disclosure requirements.
Added: October 2012OM-8.2.57
A bank should disclose its operational risk management
Framework in a manner that will allow stakeholders to determine whether the bank identifies, assesses, monitors and controls/mitigates operational risk effectively.Added: October 2012OM-8.2.58
A bank's disclosures should be consistent with how
senior management and the board of directors assess and manage the operational risk of the bank.Added: October 2012OM-8.2.59
A bank must have a formal disclosure policy approved by the board of directors that addresses the bank's approach for determining what operational risk disclosures it will make and the internal controls over the disclosure process. In addition, banks must implement a process for assessing the appropriateness of their disclosures, including the verification and frequency of them.
Added: October 2012
