The IBFed has responded to the Basel Committee on Banking Supervision’s proposed revisions to the principles for effective management of operational risk. These revisions have been proposed by the BCBS in the light of banks’ further reliance on outsourced technology and more pervasive cyber threats.

The IBFed supports the proposals made, with a few comments on some of the principles.  We welcome the recognition that banks should adopt a proportionate approach to operational risk management, taking into account the nature, size, complexity and risk profile of their activities.

IBFed@BCBS_Operational Risk_18 dec 2020