The Swiss Financial Market Supervisory Authority FINMA published the fully revised circular on operational risks at banks in December 2022. The circular has been adapted to include new technological developments and has integrated the principles of the Basel Committee on Banking Supervision (BCBS) on operational resilience. Through the new circular the FINMA clarifies its supervisory practice regarding the management of operational risks, particularly in connection with information and communication technology, handling critical data, and cyber risks. The circular will enter into force on 1 January 2024.
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