CBB proposed the revised Directive governing the requirements for operational risk management, which is included in Module OM of the Rulebook Volumes 1 and 2. The CBB Rulebook Volume 1 applies to conventional banks while Volume 2 applies to Islamic banks. Comment period on the consultations ends on April 26, 2019.
The proposed draft modules highlight the additions and deletions to the operational risk modules. In Module OM of both volumes of the CBB Rulebook, the updates cover various changes for better alignment with the principles and guidance from Basel Committee on Banking Supervision and enhancement of cyber security measures. CBB requests all conventional banks, Islamic banks, audit firms, and interested parties to provide comments on the revised module. CBB embarked on an exercise in 2017 to enhance the rules in all areas of risk management and to align with principles and standards of BCBS.
Comment Due Date: April 26, 2019
Keywords: Middle East and Africa, Bahrain, Banking, Islamic Banking, Operational Risk, CBB Rulebook, Basel, Cyber Risk, CBB
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