US Interagency Sound Practices to Strengthen Operational Resilience

Section 2 Operational risk management (practices a to g) – US Interagency Sound Practices to Strengthen Operational Resilience

US Interagency Sound Practices to Strengthen Operational Resilience 2f: Independent audit reviews and challenges the operational risk function and assesses whether it operates within the tolerance for disruption

What does 2f require?

Internal or external audit reviews and challenges the operational risk function and reaches a view on whether it is keeping the firm inside its tolerance for disruption.

Maintained by Gerard Blokdyk

Other controls in Section 2 Operational risk management (practices a to g) – US Interagency Sound Practices to Strengthen Operational Resilience

2a Senior management oversees operational risk processes, systems and controls that identify and contain a disruption, mitigate its effects and resolve it within the tolerance for disruption
2b Business line management identifies and mitigates operational risk exposures in line with the tolerance for disruption
2c Operational risk function assesses critical operations and core business lines of the firm and its material entities, their exposure to operational risks and the ability to recover
2d Operational risk function regularly reviews, tests and updates internal controls relevant to critical operations and core business lines, including those performed by third parties
2e Risk identification and assessment approaches capture business processes and their operational risks, including technology and third-party risk
2g Operational risk function works closely with business continuity management and recovery or resolution planning on resilience

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