Which of the following statements do not clarify operational risk governance based on developing an effective and consistent operational risk management framework?

i) The operational risk policy of the firm ensures that the board-approved risk appetite is aligned with its business policy and objectives.

ii) The internal control system or the internal control and monitoring system of a bank is a continuous process involving the board of directors, senior management and all levels of personnel.

iii) The operational risk management framework provides the strategic direction and guidelines on operational risk in order to ensure that an effective operational risk management and measurement process remains approved.

iv) Risk and control ownership and accountability reduce oversight and the duplication of effort.

v) A risk management framework will ensure transparency regarding the risks of the organisation, which in turn allows informed business decision-making.

Choose the correct combination.

• A. i, iii, iv, v
• B. i, ii, iv
• C. i, ii, iii, iv, v
• D. ii, iii, v