BIS publishes current best practices in AMA for operational risk
BIS paper shows best practices for the key challenges of internal governance, data and modelling.
Specific practices that address challenges facing banks implementing advanced approaches for operational risk, have been described in detail by the Bank for International Settlements (BIS) subgroup responsible for practical development, implementation and maintenance of operational risk management frameworks.
The Accord Implementation Group’s Operational Risk subgroup (AIGOR) published the “range of practice” paper in response to industry requests for best practice guidance, particularly to the Advanced Measurement Approaches (AMA) for operational risk.
“Observed range of practice in key elements of Advanced Measurement Approaches” focuses on bank practice regarding internal governance issues, data issues and modelling and quantification issues.
The AIGOR notes that the paper does not cover every option open to banks, and stresses that given the evolutionary nature of risk management, the subgroup may update the paper as new issues are identified.
Click here to see the paper on the BIS website.
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