The "Sound Practices" study published by the Bank of International Settlement (BIS) in February, 2003, describes eight fundamental principles for designing an operational risk management framework. Which of the following include these principles?
- Identification, assessment, mitigation, control, and ongoing monitoring of operational risk.
- Independent audit of operational risk plan by internal auditors.
- Processes, policies, and procedures for managing operational risk covering all activities, systems, processes, and products of the bank.
- Contingency plan ensuring continuity of business operation and minimizing loss in the event of a severe operational disruption.
A. I, II and IV.
B. II, III and IV.
C. I, II and III.
D. I, II, III and IV.
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