Since then most of the financial institutions of the world tried to implement the operational risk management framework
in their respective financial institutions, especially those banks which belong to the developed countries because they learned from their previous mistakes which they had done by ignoring the importance of ORM.
"Operational risk management framework
compromises of a governance structure, operational risk guiding principles and role and responsibilities of operational risk management function and business units.
The National Bank of Ukraine intends to develop and enhance its financial and operational risk management framework
. For this reason, a highly qualified manager, an expert in the field of financial markets, has taken charge of this department.
Ogurtsov is responsible for leading the firm s operations and clearing, as well as managing its strategic and operational risk management framework
. This includes the design and implementation of systems and processes to identify, mitigate and assess the firm s real-time, medium- and long-term risk exposure.