OM-2.2.5
The responsibilities of the senior management of the bank must 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;
(e) Developing succession plans for senior staff; and
(f) Developing Business Continuity Plans for the bank.
October 07