Ten theses on operational risk management

Central banks face a very wide array of non-financial risks. A few of them, in particular those related to reputation, have an importance which is difficult to oversee or overstate. In acknowledgement of this, central banks have in recent years launched a new wave of operational risk management initiatives to respond to three challenges:

• At a time when they encourage commercial banks to enhance their risk management practices, central banks are eager to demonstrate that they practice what they