Study Notes: Principles for Sound Management of Operational Risk

Principles for the Sound Management of Operational Risk contains 12 pages covering the following learning objectives:

* Describe the three “lines of defense” in the Basel model for operational risk governance.
* Summarize the fundamental principles of operational risk management as suggested by the Basel Committee.
* Explain guidelines for strong governance of operational risk, and evaluate the role of the board of directors and senior management in implementing an effective operational risk framework.
* Describe tools and processes that can be used to identify and assess operational risk
* Describe features of an effective control environment and identify specific controls which should be in place to address operational risk.
* Explain the Basel Committee’s suggestions for managing technology risk and outsourcing risk.

After reviewing the notes you will be able to apply what you learned with practice questions.

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