The Basel Committee on Banking Supervision has published Principles for the Sound Management of Operational Risk: see here (pdf). There are eleven principles in total and several of these are explicitly concerned with the role of the board of directors. For example, Principle 1 makes clear that it is the responsibility of the board to ensure that a strong operational risk management culture exists throughout the organisation.
Friday, 8 July 2011
Basel Committee publishes Principles for the Sound Management of Operational Risk
The Basel Committee on Banking Supervision has published Principles for the Sound Management of Operational Risk: see here (pdf). There are eleven principles in total and several of these are explicitly concerned with the role of the board of directors. For example, Principle 1 makes clear that it is the responsibility of the board to ensure that a strong operational risk management culture exists throughout the organisation.
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