Regulatory Alerts2022-07-25
Added · Updated
Supervisory Policy Manual Module OR-1 on Operational Risk Management
The Hong Kong Monetary Authority issues this non-statutory guideline to establish its supervisory approach and provide guidance to Authorized Institutions on effective operational risk management. The document requires institutions to develop and maintain an Operational Risk Management Framework that integrates risk governance, the three lines of defence model, and comprehensive risk identification, assessment, and mitigation processes. It further mandates adherence to operational resilience standards, including robust business continuity planning and the timely reporting of significant operational risk events to the regulator.
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