Global Correspondence
GFMA and IIF Response to the BCBS Consultative Document “Revisions to the principles for the sound management of operational risk”
GFMA and IIF submitted a joint response letter to the Basel Committee on Banking Supervision’s (BCBS) Consultative Document “Revisions to the principles for the sound management of operational risk.”
In the letter, the Associations welcome that some of the suggestions we raised with regard to the 2011 version of the Principles are reflected in this updated version, for instance a clearer distinction between the responsibilities of the board of directors and senior management and clarification on the three lines of defense. The introduction of a specific principle on information and communication technologies (ICT) risk management was also welcomed.
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