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In: Business and Management

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Operational Risk Management

Interpreting Operational Risk
Operational risk is the risk of loss resulting from inadequate or failed internal processes, people, systems and external events. This definition includes legal risk but excludes reputational risk and strategic risk. Therefore, in line with the Basel II risk management framework and best practices, operational risk in the Bank is composed of the following risk types: operations risk, legal risk, regulatory compliance risk, financial crime risk, people risk, property, technology, vendor, financial, and environmental risk.
KIRU HAS A SMALL PART (TYPES OF OPERATIONAL RISK) HERE.WE WILL SEND YOU TODAY ITSELF.IF NOT IGNORES THAT PART.

Operational risk management at NDB

Operational Risk Management at NDB

Operational risk is recognized as a distinct risk category which the Bank strives to manage within acceptable levels through sound operational risk management practices. The Bank's approach to managing operational risk is to adopt practices that are most appropriate and relevant considering the organizational maturity and business environment.

Operational risk exposure is managed through comprehensive set of internal controls and management processors that cover risk assessment (Identification, description and estimation), risk evaluation, reporting, mitigation, residual risk reporting and monitoring and control associated with our business operations as an ongoing activity. Further, the Bank recognizes the significance of operational risk, which is inherent in all areas of our business.

Operational Risk Policy Committee (ORPC) and Audit Committee reviewed the effectiveness of the Bank’s Internal Control System and the CEO’s quarterly confirmation on the internal control environment. Additionally, the Committee also assessed the effectiveness of the Bank’s internal controls over financial reporting for every

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