The Principles for the Sound Management of Operational Risk ("the Principles"), as updated and published in June 2011, cover (i) fundamental principles of operational risk management, (ii) governance, and (iii) the risk management environment.

In December 2012, the BCBS's Working Group on Operational Risk (WGOR) established a work stream to undertake a review of the implementation of the Principles. Conducted via a questionnaire, the review aimed to:

• identify and understand the degree to which banks have implemented the Principles;

• identify common significant gaps at banks related to the implementation of the Principles; and

• identify emerging and noteworthy practices in operational risk management that are used by banks but which are not currently addressed by the Principles.