Operational Risk Management Committee (ORMC)
- The ORMC must conduct its business basis a Charter / Terms of Reference and the proceedings and discussions are advised to be documented for future reference and follow-up on agreed actionables. The regular updates to the Board (or the Risk Management Committee of the Board if the task is assigned to it by the Board) have to be provided by the management, covering key highlights of all the constituents.
- The Operational Risk framework is effective only if imbibed at all relevant linkages who are managing the monitoring process at the departmental level.
- Hence it is advised that the Committee instruct and/or arrange regular trainings and awareness camps for the departmental staff, including giving them sufficient understanding of process of identifying new risks and adding them to the RCSA library from time to time, a process duly assisted and facilitated by the Operational Risk unit.
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