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Basel Committee Principles for Operational Resilience

Regulation & securityBy: Parsa Aghabarari2 min readSource: Basel Committee, 2021
Basel Committee Principles for Operational Resilience

1Introduction

The Basel Committee on Banking Supervision published its Principles for operational resilience in March 2021. Operational resilience is a bank’s ability to deliver critical operations through disruption, from cyberattacks and technology failures to natural disasters and pandemics.

2Discussion

The principles cover seven areas: governance; operational risk management; business continuity planning and testing; mapping interconnections and interdependencies; third-party dependency management; incident management; and resilient ICT including cyber security.

3Conclusion

The Committee also revised its principles for the sound management of operational risk. Practically, firms should identify critical operations, set tolerance for disruption and test readiness regularly.

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Sources

  1. BIS — Principles for operational resilience (BCBS, March 2021) ↗
  2. BIS — Revisions to the principles for the sound management of operational risk ↗
همفکران فناوری شریفThis article summarises the official sources cited, prepared by the Hamfekran Fanavari Sharif team for finance leaders.
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