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Institute of Operational Risk Operational Risk Sound Practice Guidance Operational Risk Governance

September 2010

Operational Risk Governance

Institute of Operational Risk – Sound Practice Guidance

The Institute of Operational Risk Sound Practice Guidance
The IOR recognises that there is no one size fits all approach to the management of operational risk. However by drawing on theexperience of practising risk professionals it is possible to identify examples of good practice described in this Guidance. Equally it is hoped that these guidance papers will facilitate a shared understanding of key operational risk concepts amongst risk management professionals, regulators and academics, thus contributing towards the further development of the discipline of operational risk.This is one of a series of Sound Practice Guidance papers being produced by the Institute of Operational Risk (IOR) with the following objectives: • • • Providing information on the practicalities and know-how necessary in order to implement the techniques that support a robust operational risk management framework; Empowering operational risk professionals to demonstrate the value of operationalrisk management to senior management in a practical rather than theoretical manner; Capturing the real experience of practising risk professionals, including the challenges involved in developing operational risk management frameworks.

This paper is available from the Institute’s website at www.ior-institute.org. If you have comments or suggestions on this paper please contact us onstandards@ior-institute.org

The Institute of Operational Risk The Institute of Operational Risk was created in January 2004 as a professional body whose aim is to establish and maintain standards of professional competency in the discipline of Operational Risk Management. It is an independent, not for profit, professional body designed to support its members. The stated mission of the Institute is to promotethe development and discipline of Operational Risk and to foster and maintain investigations and research into the best means and methods of developing and applying the discipline and to encourage, increase, disseminate and promote knowledge, education and training and the exchange of information and ideas.

Copyright © 2010 Institute of Operational Risk

Operational Risk GovernanceInstitute of Operational Risk – Sound Practice Guidance

Table of Contents
1. Risk governance and culture ........................................................................................................... 1 1.1. 1.2. 1.3. 1.4. 1.5. 2. 2.1. 2.2. 2.3. Risk culture ............................................................................................................................. 1Risk governance ...................................................................................................................... 1 Risk leadership ........................................................................................................................ 2 The ‘use’ test........................................................................................................................... 2 Incentivising good risk management ...................................................................................... 3 The three lines of defence ....................................................................................................... 3 The board................................................................................................................................ 4 Risk oversight ......................................................................................................................... 5 The risk management function ........................................................................................ 5 The operational risk management function ..................................................................... 5 Other risk...