OM-1.2.1
The Board of Directors must:
(a) Establish, approve and regularly review the operational risk management policy;
(b) Ensure that senior management establish, approve and regularly review supporting policies, procedures, systems and processes in line with the nature and scope of the operational risks inherent in the bank's products, services and activities, and implement comprehensive, dynamic oversight and control environments that are fully integrated into, or coordinated with, the overall ORMF for managing all risks across the bank; and
(c) Ensure that the bank's ORMF is subject to effective independent review (See Paragraph OM-1.6.1).
Added: January 2020