Framework (as used in Module OM)
Past version: Effective from 01 Oct 2012 to 30 Sep 2012
To view other versions open the versions tab on the right
For purposes of Chapter OM-8, Framework refers to the operational risk framework of a bank. An operational risk framework refers to the internal control systems of the bank and contains five inter-related elements:
(a) Establishing the control culture within the bank and ensuring regular oversight by the Board and the Management of the bank;
(b) Risk recognition and assessment;
(c) Control activities and segregation of duties;
(d) Information and communication; and
(e) Monitoring activities and correcting deficiencies.
Added: October 2012