On 21 December 2009, the Committee of European Banking Supervisors (CEBS) published Consultation Paper 35 which contained draft guidelines on the management of operational risk in market-related activities. The consultation followed the publication of CEBS’s high level principles on Internal Governance (CEBS Guidelines on the Application of the Supervisory Review and Evaluation Process - Section 2), its draft high level principles on risk management and its high level principles on remuneration policies. The draft guidelines produced by CEBS introduced more specific principles and implementation measures for the identification, assessment, control and monitoring of operational risk in market-related activities.
The draft principles were divided into three parts, covering the management of operational risk in market-related activities from three different angles:
- Governance mechanisms - principles 1 to 5.
- Internal controls - principles 6 to 15.
- Internal reporting systems - principles 16 to 17.
The deadline for comments on the consultation is 31 March 2010.
CEBS has now announced that a public hearing on the consultation will take place on 9 March 2010 at its premises in London. The deadline for registration is 3 March 2010.