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| Article Name : | | | CONSTITUENTS OF AN EFFECTIVE OPERATIONAL RISK MANAGEMENT FRAMEWORK IN BANKS | | Author Name : | | | Harshmeeta Kaur Soni | | Publisher : | | | Ashok Yakkaldevi | | Article Series No. : | | | ROR-928 | | Article : | |  | Author Profile | | Abstract : | | | Growing exposure of the global banking industry to operational risk has emphasized the need for an Effective Operational Risk Management Framework. Banks need to put in place an Integrated Operational Risk Management Framework to identify, assess, monitor and mitigate their exposures to operational risk. The present study aims to examine the constituents of an effective operational risk management framework in banks. The study concludes that seven components form an Effective Operational Risk Management Framework which include Risk Management Strategy; Governance and Organisation Structure; Operational Risk Policy Statement; Operational Risk Management Process; Operational Risk Mitigation Process; Operational Risk Culture and Awareness and lastly the Framework Enablers including Infrastructure, Operational Risk Taxonomy and Technology. | | Keywords : | | - Operational Risk Management Framework
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