Proposed Principles of Operational Resilience and Operational Risk

Proposed Principles of Operational Resilience and...

Regulatory Alert, August 2020

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The Basel Committee on Banking Supervision (Basel  Committee or BCBS) has issued two consultative  documents seeking comment on proposed Principles for  Operational Resilience and updates to its Principles for  the Sound Management of Operational Risk (PMSOR).  The Basel Committee views operational resilience to be  an outcome of effective operational risk management  and, as such, has drafted the two documents to work  together. In addition, each draws upon existing guidance  and current practices (including principles-based  guidance on corporate governance, business continuity,  and outsourcing) in an effort to develop a “coherent  framework.” Comments are requested by November 6,  2020.

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