Difference between revisions of "BCBS 292"
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* Publication Category: Operational Risk | * Publication Category: Operational Risk | ||
* Number of Pages: 58 | * Number of Pages: 58 | ||
− | * Keywords: [[PSMOR]], [[Three Lines Of | + | * Keywords: [[PSMOR]], [[Three Lines Of Defense]], [[Peer Review]], [[Operational Risk]] |
== See Also == | == See Also == |
Revision as of 09:53, 29 September 2021
Definition
BCBS 292 is a document published by the Basel Committee on Banking Supervision on October 2014 in the Operational Risk category.
Title
Review of the Principles for the Sound Management of Operational Risk.
Abstract
This paper reviews banks' implementation of the 2011 Principles for the Sound Management of Operational Risk. The principles embody the lessons from the financial crisis and evolving sound practice in operational risk management.
The principles set out the Committee's expectations for the management of operational risk. All internationally active banks should implement policies, procedures and practices to manage operational risk commensurate with their size, complexity, activities and risk exposure, and seek continuous improvement in these areas as industry practice evolves. In order to enhance operational risk management, the principles provide comprehensive guidance regarding the qualitative standards that should be observed to achieve more rigorous and comprehensive operational risk management.
This review of implementation covered 60 systemically important banks (SIBs) in 20 jurisdictions. It took the form of a questionnaire against which banks self-assessed the extent and quality of their implementation.
Progress in implementing the principles varies significantly across banks and, overall, more work is needed to achieve full implementation. In particular, four principles that have been identified as among the least thoroughly implemented are: (i) operational risk identification and assessment; (ii) change management; (iii) operational risk appetite and tolerance; and (iv) disclosure.
Document Profile
- Publication Date: October 2014
- Publication Type: Implementation Reports
- Publication Status: Current
- Publication Category: Operational Risk
- Number of Pages: 58
- Keywords: PSMOR, Three Lines Of Defense, Peer Review, Operational Risk
See Also
Disclaimers
For definitive information on regulatory matters always consult primary sources, especially where it concerns legally binding rules and regulations.
The above regulatory document abstract is quoted verbatim in this Open Risk Manual entry and provided free of charge for the convenience of all internet users. There is no explicit or implicit endorsement of this web service by the Bank of International Settlements. The copyright of the included material rests with the original authors (Links to the original texts are duly provided).