Basel Committee Releases New Operational Risk Sound Practices Paper

This follows a consultative paper released in July 2002.The paper’s purpose is to provide a framework for the effective management and supervision of operational risk. It is primarily for use by banks and supervisory authorities when evaluating operational risk management policies and practices at individual institutions.

The paper generally advocates strong oversight by the bank’s board of directors and senior management, a strong operational risk culture throughout the organisation, effective

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