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ARTICLE · 15 APRIL 2021

Basel Committee Issues Principles For Operational Resilience And Risk

McCarthy Tétrault
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On March 31, 2021, the Basel Committee on Banking Supervision published the Principles for Operational Resilience, aiming to promote a principle-based approach to improving the operational resilience of banks, ...

CanadaFinance and Banking
Lucie Tedesco
Lucie Tedesco
Christine Ing
Christine Ing
Vivian Sy
Vivian Sy
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On March 31, 2021, the Basel Committee on Banking Supervision (the "BCBS") published the Principles for Operational Resilience, aiming to promote a principle-based approach to improving the operational resilience of banks, making them better able to withstand, adapt to and recover from severe adverse events. Concurrently, BCBS also updated the Principles for the Sound Management of Operational Risk (PSMOR) reflecting the natural relationship between operational resilience, operational risk and Basel III reforms.

This publication follows from consultation on both documents back in August 2020. In recent years, and accelerated by COVID-19, the growth of technology-related risks is leading banks to increase their operational resilience. The two sets of principles are meant to complement each other to enable banks to better absorb shocks from operational risks and provide additional safeguards to the financial system as a whole.

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