Regulatory Alerts2010-01-22 | CD-SIBOIF-611-1-ENE22-2010Added · Updated
Norm on Operational Risk Management
This regulation establishes the responsibilities and general guidelines for financial institutions to manage operational risk, requiring the implementation of a formal risk management system, specific manuals, and a dedicated risk management unit (UAIR). It mandates the Board of Directors to approve policies and procedures, while requiring institutions to identify risk events, maintain centralized databases, and implement internal controls and business continuity plans. The rules apply to all financial institutions subject to the supervision of the Superintendence of Banks and Other Financial Institutions.
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