Regulatory Alerts2011-11-20
Basel Committee Papers of Relevance to Saudi Banks
The Saudi Arabian Monetary Agency directs all domestic banks to integrate two June 2011 Basel Committee publications on operational risk into their management policies and procedures. Banks must retrieve the Operational Risk Supervisory Guidelines for Advanced Risk Measurement Approach and the Principle for Sound Management of Operational Risk from the Bank for International Settlements website. These documents should be distributed to Risk Management, Compliance, and Internal Audit leadership to ensure alignment with current regulatory standards.
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