The Central Bank of the Philippines' (BSP) Circular No. 900 outlines the Monetary Board approved guidelines on operational risk management for BSP supervised financial institutions. The circular amends the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to reflect these changes. Among these changes are a revised policy statement and definition of operational risk, as well as redefined duties and responsibilities for board of directors, senior management and business units.
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