OM-1.2.34
The responsibilities of the
(a) Developing for approval by the board of directors a clear, effective and robust governance structure with well defined, transparent and consistent lines of responsibility;
(b) Implementing the operational risk strategy approved by the Board of Directors;
(c) Ensuring that the strategy is implemented consistently throughout the whole organisation;
(d) Ensuring that all levels of staff understand their responsibilities with respect to operational risk management;
(e) Developing, maintaining and implementing policies, processes and procedures for managing operational risk in all of the licensee's products, activities, processes and systems consistent with the risk appetite and tolerance;
(f) Developing succession plans for senior staff; and
(g) Developing business continuity plans for the licensee .
January 2014