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OM-1.2.9

Senior management must translate the ORMF into specific processes and procedures that can be implemented and verified within the different business units. Senior management must clearly assign authority, responsibility and reporting relationships to encourage and maintain this accountability, and ensure that the necessary resources are available to manage operational risk in-line with the bank's risk appetite and tolerance statement. Furthermore, senior management must ensure that the management oversight process is appropriate for the risks inherent in a business unit's activity.

Added: January 2020