Versions

 

OM-1.2.24

The board is responsible for establishing a management structure capable of implementing the licensee's operational risk management framework. Since a significant aspect of managing operational risk relates to the establishment of strong internal controls, it is particularly important that the board establishes clear lines of management responsibility, accountability and reporting. In addition, there should be separation of responsibilities and reporting lines between operational risk control functions, business lines and support functions in order to avoid conflicts of interest. The framework should also articulate the key processes the licensee needs to have in place to manage operational risk.

January 2014