Regulatory Alerts2022-09-19
Instruction No. 240 on the Organization of the Operational Risk Management System in Credit Financial Organizations
The National Bank of Tajikistan issued Instruction No. 240 to establish mandatory minimum requirements for operational risk management systems across all licensed credit financial organizations, including banks and Islamic institutions. The regulation mandates the development of a formal risk management policy approved by the Supervisory Board, detailing clear governance structures, defined responsibilities for executive bodies and dedicated risk departments, and standardized procedures for identifying, assessing, measuring, reducing, and monitoring operational risks. It further requires organizations to maintain analytical databases of historical losses, apply recognized international assessment methods (such as statistical analysis and scorecards), implement robust internal controls and business continuity plans, and regularly report risk exposures to ensure financial stability and regulatory compliance.