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Acin wins Risk.net’s OpRisk Innovation of the Year, for second year in a row
A document that lays out the operational risk management objectives of the firm, defines the tools and techniques to be used for risk management, describes the firm’s approach to risk appetite and tolerance, and prescribes escalation and reporting requirements. An operational risk framework is typically supported with individual policy documents for its different elements.
There are eight key elements needed for a robust operational risk framework within a financial services firm. These include: