Regulatory Alerts2020-01-01
Minimum Requirements for the Management of Operational Risk for Licensed Financial Institutions in Fiji
The Reserve Bank of Fiji mandates that Licensed Financial Institutions establish a comprehensive Operational Risk Management Framework to address risks from failed processes, people, systems, or external events. This policy requires Boards and Senior Management to implement robust governance structures, including documented policies, independent risk functions, and rigorous risk identification and mitigation processes. Additionally, institutions must maintain detailed Business Continuity Management plans and adhere to strict controls for outsourcing, internal audit, compliance, and fraud prevention.
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