Central Bank of the UAE Operational Risk Standards

CONTENTS

INTRODUCTION ...2

Article 1: Definitions ...2

Article 2: Operational Risk Governance Framework ...4

Article 3:Board of Directors ...6

Article 4: Senior Management...6

Article 5: Identification and Assessment ...7

Article 6: Control and Mitigation ...7

Article 7: Disaster Recovery and Business Continuity Management...8

Article 8: Information Technology ...9

Article 9: Systems and Internal Reporting ...10

Article 10: Reporting Requirements and Disclosure ...10

Article 11: New Businesses, Products and Systems...10

Article 12: Islamic Banking...11

Appendix 1: Tools for identifying and assessing operational risk ...13

INTRODUCTION

1. These Standards form part of the Operational Risk Regulation. All Banks must comply with these Standards, which expand on the Regulation. These Standards are mandatory and enforceable in the same manner as the Regulation.
2. Operational risk is inherent in all dimensions of a Bank, including all banking products, activities, processes and systems. Accordingly, the effective management of operational risk is a fundamental element of a Bank's risk management program. Banks with a sound operational risk ma...