The Basel Committee on Banking Supervision has introduced papers on operational risk, Finextra reports. The committee has issued Principles for the Sound Management of Operational Risk and Operational Risk - Supervisory Guidelines for the Advanced Measurement Approaches.
The Principles for the Sound Management of Operational Risk paper points out the development of operational risk management since 2003. The Operational Risk - Supervisory Guidelines for the Advanced Measurement Approaches paper lists that the operational risk discipline will continue to mature and it promotes improvement in the area by providing guidelines relating to governance, data and modeling.
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