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  • OM-1.3 OM-1.3 Identification, measurement, monitoring, and control

    • OM-1.3.1

      As part of an effective operational risk management system, banks should:

      (a) identify critical processes, resources and loss events;
      (b) establish processes necessary for measuring operational risk;
      (c) monitor operational risk exposures and loss events on an on-going basis; and
      (d) develop policies, processes and procedures to control or mitigate operational risk.

    • OM-1.3.2

      Banks should assess the costs and benefits of alternative risk limitation and control strategies and should adjust their operational risk exposure using appropriate strategies, in light of their overall risk profile.