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Has the Bank developed an Operational Risk Management Plan outlining objectives, policies, and standards ?
1.1 If yes to 1, has this plan been:
* Formally approved in writing by the Board of Directors?
* Disseminated in writing by senior management ?
* Reviewed on at least an annual basis ?
Have annual Operational Risk Management Program Goals been established in terms of measurable organizational objectives where possible (i.e., a 50% reduction in branch fraud, a 15% reduction in credit card losses, etc.) ?
2.2
Is the Plan; formally evaluated against these Goals on at least an annual basis by the Board of Directors ?
Has an Operational Risk Manager been appointed to address overall operational risk management and financing issues within the bank ?
3.1
If yes to 3, is this a full-time position ?
3.2
If yes to 3, does this individual:
* Have clear and specific responsibility for operational risk assessment, risk management, and risk financing activities within the bank ?
* Have a written position description ?
Has an Operational Risk Management Committee been formed to assist the Operational Risk Management in assessing, planning, and managing operational risk management activities?
4.1
If yes to 4, are all major operational and staff areas of the bank represented on the committee to include: Specify such areas represented i.e. Internal Audit, Treasury Operations, Credit Card / ATM's etc.
4.2
If yes to 4, does the Committee meet on at least a quarterly basis?
4.3
If yes to 4, does the Committee report to the Chief Operating Officer ?
4.4
If yes to 4, does the operational scope of the Committee include consideration of:
* Fraud, forgery, and other criminal risks ?
* Professional and client related liability exposures ?
