6. Supervisors conduct, directly or indirectly, regular independent evaluations of a bank’s policies, processes and systems related to operational risk as part of the assessment of the Framework. Supervisors ensure that there are appropriate mechanisms in place which allow them to remain apprised of developments at a bank.

7. Supervisory evaluations of operational risk include all the areas described in the principles for the management of operational risk. Supervisors also seek to ensure that, where banks are part of a financial group, there are processes and procedures in place to ensure that operational risk is managed in an appropriate and integrated manner across the group. In performing this assessment, cooperation and exchange of information with other supervisors, in accordance with established procedures, may be necessary [Refer to the Committee’s papers High-level principles for the cross-border implementation of the New Accord, August 2003, and Principles for home-host supervisory cooperation and allocation mechanisms in the context of Advanced Measurement Approaches (AMA), November 2007.]. Some supervisors may choose to use external auditors in these assessment processes [For further discussion, see the Committee’s paper The relationship between banking supervisors and bank’s external auditors, January 2002.].