• OM-B OM-B Scope of Application

    • OM-B.1 OM-B.1 Scope of Application

      • Bahraini Islamic Bank Licensees

        • OM-B.1.1

          Bahraini Islamic bank licensees must comply with all requirements included in this Module.

          Added: January 2020

        • OM-B.1.2

          The Framework for operational risk management and the structure of governance process for operational risk management chosen by an individual bank will depend on a range of factors, including its nature, size, complexity and risk profile.

          Added: January 2020

      • Branches of foreign bank licensees

        • OM-B.1.3

          In the case of branches of foreign bank licensees, while the requirements of this Module apply, it is recognised that certain activities and tasks relating to operational risk management function or unit might be conducted at the head office or a regional office. Additionally, in the case of branches, it is likely that oversight of the branch, from an operational risk perspective, is also exercised at the head office/regional office.

          Added: January 2020

        • OM-B.1.4

          Branches of foreign bank licensees must document the risk assessments which, at a minimum, include the identified risk events by risk type or category, the key risk indicators (KRIs) and key control indicators (KCIs). In addition, the branch must record losses arising from failures of people, processes, systems, internal and external frauds.

          Added: January 2020

        • OM-B.1.5

          Branches of foreign bank licensees must seek the CBB's approval for the operational risk management activities undertaken by their head/regional office and demonstrate to the CBB that there are effective high-level controls for management of operational risk for activities undertaken out of the Bahrain branch.

          Added: January 2020

        • OM-B.1.6

          For the purposes of such CBB approval, the branch must perform a mapping or a gap analysis of the requirements in this Module with practices undertaken at the head office or regional office, whichever applicable, and at the branch as appropriate.

          Added: January 2020