Versions

 

Framework (as used in Module OM_Financing Companies)

Framework refers to the operational risk framework of a licensee. An operational risk framework refers to the internal control systems of the licensee and contains five inter-related elements:

(a) Establishing the control culture within the licensee and ensuring regular oversight by the Board and the Management of the licensee;
(b) Risk recognition and assessment;
(c) Control activities and segregation of duties;
(d) Information and communication; and
(e) Monitoring activities and correcting deficiencies.
Added: January 2014