OM-8.3.1
Past version: Effective from 01 Apr 2008 to 30 Sep 2012
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Banks applying standardised approach for capital adequacy purposes as detailed in section CA-7.1 of Capital Adequacy Module, must comply with the requirements principles set in this section. In order to qualify for use of the Standardised Approach, a bank must satisfy the CBB that, at a minimum:
• Its board of directors and senior management, as appropriate, are actively involved in the oversight of the operational risk management framework;
• It has an operational risk management system that is conceptually sound and is implemented with integrity; and
• It has sufficient resources in the use of the approach in the major business lines as well as the control and audit areas.
Added: April 2008