Regulatory Alerts2018-10-05
Agreement No. 007-2011 Establishing Operational Risk Management Standards
The Banking Superintendence of Panama issued Agreement No. 007-2011 to establish mandatory operational risk management standards for official, general license, and international license banks. The regulation defines operational risk, mandates a comprehensive management framework including identification, measurement, mitigation, and monitoring, and assigns specific governance responsibilities to the Board of Directors, Senior Management, and the Risk Committee. It requires banks to maintain documented policies, an independent risk management unit, and a business continuity plan, with an initial submission deadline for the operational risk management manual set for January 1, 2013.
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