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OM-1.2.8

Senior management is responsible for establishing and maintaining effective channels for internal review of operational risk issues, as well as ensuring adequate resolution processes. These should include systems to report, track and, when necessary, escalate issues to ensure resolution. Banks should be able to demonstrate that the three lines of defence (as highlighted in Paragraph OM-1.1.2) approach is operating satisfactorily and to explain how the Board and senior management ensure that this approach is implemented and operating in an appropriate and acceptable manner.

Added: January 2020