During 2011, the Basel Committee on Banking Supervision has published two documents related to operational risk management. In this regard, Bank Management can specifically benefit from these papers by incorporating the relevant principles and guidance information in their operational risk management and control policies and procedures.
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SAMA would like Banks to be fully aware of the following Basel Committee Papers issued during 2011.
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| | 1. | June 2011 - Operational Risk Supervisory Guidelines for Advanced Risk Measurement Approach
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| | 2. | June 2011 - Principle for Sound Management of Operational Risk
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We suggest that Banks should access these papers from Bank for International Settlements website: (http://www.bis.org). The Banks should distribute these papers to relevant managers in Risk Management, Compliance and Internal Audit functions to keep them abreast of the current developments and practices.
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