Regulatory Alerts2017-03-30
Operational Risk Management Guidance for Deposit Takers
The Isle of Man Financial Services Authority issues this guidance to establish best practices for operational risk management among Class 1(1) and Class 1(2) deposit takers. The document mandates that boards and senior management implement robust governance frameworks, including defined risk appetites, clear accountability structures, and effective three-lines-of-defense models. It further requires banks to continuously identify, assess, and mitigate operational risks while ensuring adequate capital charges and business continuity planning are in place.
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