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OM-1.2.5

The responsibilities of the senior management of the bank should include:

(a) implementing the operational risk strategy approved by the Board of Directors;
(b) ensuring that the strategy is implemented consistently throughout the whole banking organisation;
(c) ensuring that all levels of staff understand their responsibilities with respect to operational risk management;
(d) developing and implementing policies, processes and procedures for managing operational risk in all of the bank's products, activities, processes and systems; and
(e) Developing succession plans for senior staff.