The Central Bank seeks to promote the effective and efficient development and functioning of the banking system. To this end, Banks must have appropriate policies, processes, procedures, systems and controls to identify, monitor and mitigate operational risks.

In introducing this Regulation and the accompanying Standards, the Central Bank intends to ensure that Banks’ approaches to operational risk are in line with leading international practices.

This Regulation and the accompanying Standards are issued pursuant to the powers vested in the Central Bank under the Central Bank Law.

Where this Regulation or its accompanying Standards, include a requirement to provide information or to take certain measures, or to address certain items listed at a minimum, the Central Bank may impose requirements, which are additional to the list provided in the relevant article.