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BIS publishes final versions of operational risk guidance documents

The Basel Committee on Banking Supervision has issued the final versions of two papers on operational risk: ‘Principles for the Sound Management of Operational Risk’ and ‘Operational Risk - Supervisory Guidelines for the Advanced Measurement Approaches’.

The documents take into account comments made during a public consultation period.

Principles for the Sound Management of Operational Risk
This was originally issued in 2003 as ‘Sound Practices for the Management and Supervision of Operational Risk’ and highlights the evolution of operational risk management over this period. The principles outlined are based on best industry practice and supervisory experience and cover three overarching themes: governance, risk management and disclosure.

Operational Risk - Supervisory Guidelines for the Advanced Measurement Approaches
The regulatory capital adequacy framework envisages that, over time, the operational risk discipline will continue to mature and converge towards a narrower band of effective risk management and measurement practices. The guidance on advanced measurement approaches promotes improvement in this area by setting out supervisory guidelines relating to governance, data and modelling.

Read the documents:

•Date: 1st July 2011 • Region: World •Type: Article • Topic: Operational risk

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