Foreign practice in estimation and minimization of operational risk

This article is an analytical review of the set of normative legal acts of the Basel Committee on Banking Supervision (BCBS), devoted to the management and operational risk assessment. These documents are the key basis for managing operational risk abroad. The main components of the risk management system and the principles on which it is based are described. The concept of "three lines of defense" is overviewed in the context of operational risk management. An assessment of the effectiveness of the implementation of the BCBN principles in 20 countries is presented and general recommendations for improving the implementation process of the BCBN recommendations are presented.