OM-1.5.7

In addition to segregation of duties, licensees should ensure that other internal practices are in place as appropriate to control operational risk. Examples of these include:

(a) Clearly established authorities and/or processes for approval;
(b) Close monitoring of adherence to assigned risk limits or thresholds;
(c) Maintaining safeguards for access to, and use of, licensee assets and records;
(d) Appropriate staffing level and training to maintain expertise;
(e) Ongoing processes to identify business lines or products where returns appear to be out of line with reasonable expectations;
(f) Regular verification and reconciliation of transactions and accounts; and
(g) A vacation policy in line with Bahrain Labour Law.
Amended: April 2022
January 2014