OM-8.2.11
Principle 3: Senior management must have responsibility for implementing the operational risk management framework approved by the board of directors. The framework must be consistently implemented throughout the whole banking organisation, and all levels of staff must understand their responsibilities with respect to operational risk management. Senior management must also have responsibility for developing policies, processes and procedures for managing operational risk in all of the bank's material products, activities, processes and systems.
Amended: July 2011
Added: April 2008
Added: April 2008