OM-8.2.3
Principle 1: The board of directors should be aware of the major aspects of the bank’s operational risks as a distinct risk category that should be managed, and it should approve and periodically review the bank’s operational risk management framework. The framework should provide a bank-wide definition of operational risk and lay down the principles of how operational risk is to be identified, assessed, monitored, and controlled/mitigated.
Added: April 08