OM-1.5 OM-1.5 Public Disclosure
OM-1.5.1
A bank must have a formal disclosure policy approved by the Board of Directors that addresses the bank's approach for determining what operational risks 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: January 2020OM-1.5.2
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: January 2020OM-1.5.3
A bank must disclose its ORMF in a manner that will allow stakeholders to determine whether the bank identifies, assesses, monitors and controls/mitigates operational risk effectively.
Added: January 2020OM-1.5.4
A bank's disclosures must be consistent with how
senior management and the Board of Directors assess and manage the operational risks of the bank.Added: January 2020
