Sigor's new sound practices paper says boards must set tone at the top
Paper issued for consultation makes boards of directors responsible for instilling an op risk culture at a firm and addresses compensation policies for the first time
The Basel Committee on Banking Supervision's sub-group on operational risk (Sigor) has published for consultation the long-awaited redrafted Sound practices for the management and supervision of operational risk. The original paper, published in 2003, has been viewed as the best starting point for a firm embarking on setting up an operational risk management framework. The 2010 paper, which replaces the earlier document, "reflects improvements and enhancements in operational risk frameworks
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