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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Guidance Note on Operational Risk Management and Operational Resilience

30-Apr-2024 | RBI/2024-2025/31 DOR.ORG.REC.21/14.10.001/2024-25

RBI has issued a Guidance Note on Operational Risk Management and Operational Resilience.

by virtue of this notification hte guidance note intends to promote and further improve the effectiveness of Operational Risk Management of the REs, and enhance their Operational Resilience given the interconnections and interdependencies, within the financial system, that result from the complex and dynamic environment in which the REs operate.

Key Highlights: -

1. Preliminary - Introduction and Background
2. Definitions
3. Three lines of Defence for management of Operational Risk
4. Governance and Risk Culture
5. Responsibilities of Board of Directors and Senior Management
6. Risk management environment - Identification and assessment
7. Change Management
8. Monitoring and Reporting
9. Control and Mitigation
10. Essential Elements of Operational Resilience
11. Mapping of Interconnections and Interdependencies
12. Third-party dependency management
13. Business Continuity Planning and Testing
14. Incident management
15.Information and Communication Technology (ICT) including cyber security
16. Disclosure and Reporting
17. Lessons Learned Exercise and Adapting
18. Continuous improvement through Feedback Systems
19. Annex

With the issuance of this Guidance Note the ?Guidance Note on Management of Operational Risk? dated October 14, 2005, stands repealed.

For more information, please refer the attachment.

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