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OM-1.2.5

The operational risk management function should include the operational risk measurement and reporting processes, risk committees and responsibility for board reporting. A key function of the operational risk management function is to challenge the business lines' inputs to, and outputs from, the licensee's risk management, risk measurement and reporting systems. The operational risk management function should have a sufficient number of personnel skilled in the management of operational risk to effectively address its many responsibilities.

January 2014