Regulatory Alerts2025-06-10
Operational Risk Guidelines for Commercial Banks
The Central Bank of Somalia mandates all licensed commercial banks to establish and maintain a comprehensive operational risk management framework that addresses losses from failed processes, personnel, systems, and external events. Banks must integrate risk identification, assessment, control, and mitigation into their governance structures while ensuring senior management oversight and clear staff accountability. The guideline further requires quarterly reporting of risk exposures, significant loss events, and corrective actions to the regulator to ensure proactive monitoring and regulatory compliance.
Share