US Interagency Sound Practices to Strengthen Operational Resilience

Section 1 Governance (practices a to f) – US Interagency Sound Practices to Strengthen Operational Resilience

US Interagency Sound Practices to Strengthen Operational Resilience 1f: Internal or external audit independently assesses the design and ongoing effectiveness of operational resilience efforts

What does 1f require?

Internal audit (or an external auditor) forms an independent view of whether the firm's resilience arrangements are well designed and whether they keep working.

Maintained by Gerard Blokdyk

Other controls in Section 1 Governance (practices a to f) – US Interagency Sound Practices to Strengthen Operational Resilience

1a Board approves and periodically reviews the risk appetite for disruption from operational risk at enterprise level and for critical operations and core business lines, and articulates the tolerance for disruption
1b Board and senior management ensure resilience practices are led and staffed by people with relevant expertise, with approved budgets and resources and a culture of effective risk management
1c Board oversees operational risk management across business lines, the independent operational risk function and internal audit; senior management accountable for adherence to the tolerance for disruption
1d Senior management maintains a detailed, accurate and regularly updated overview of the organisational and legal structure identifying critical operations and core business lines and their material entities
1e Senior management develops, implements and manages effective and resilient information systems and controls to maintain critical operations and core business lines within the tolerance for disruption

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