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Thursday 25 April 2024

Thursday 25 April 2024

The CBUAE enhances SupTech initiative as part of its Financial Infrastructure Transformation Programme

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Tuesday 23 April 2024

Tuesday 23 April 2024

Al Etihad Payments launches Open Finance to strengthen the financial services sector in the UAE

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Monday 22 April 2024

Monday 22 April 2024

The Central Bank: banks & finance companies may defer personal and car loans installments for six months to overcome the repercussions of the weather condition

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Operational Risk Framework and Tools

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Risk and Control Self Assessments (RCSA), which should be carried out annually

KRI’s

Risk and Control Self Assessments (RCSA), which should be carried out annually

  • Residual Risks with High and Medium ratings shall have mitigation plans.  

  • Risk mitigation plans for High and Medium risks should not have target dates beyond 6 months from the date of identification.  

  • For High and Medium-rated risks, the Risk Committee must approve any future change in the target dates beyond 6 months, need to be approved by the Risk Committee according to the OR Policy.  

  • The Board of Directors need to approve High Risk Acceptances need to be approved by the Board of Directors through the Risk Committee.  

  • The Risk Committee should approve Medium Risk Acceptances. need to be approved by the Risk Committee  

KRI’s

  • 1

    Step 1

    The KI – name and description, standardised key risk, risk description and associated process.

  • 2

    Step 2

    Identify the data owner, frequency and type (leading or lagging).

  • 3

    Step 3

    Thresholds should be set, based on the following.

  • 4

    Step 4

    KRI for a department should be approved by the Head of the Department and ORMF

*If no response is received within one week, the list of KRIS will be considered final and approved.  

Risk Event and Issues Reporting and Templates notes the responsibility of all CBUAE employees to identify and report incidents immediately upon discovery.  

Operational Risk Identification and Reporting diagram

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Last updated on: Thursday 28 July 2022

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