69. Supervisors should regularly assess banks' ORMF by evaluating banks' policies, processes and systems related to operational risk. Supervisors should ensure that there are appropriate mechanisms in place allowing them to remain apprised of banks' operational risk developments.

70. Supervisory evaluations of operational risk should include all areas described in the Principles for the sound management of operational risk. Where banks are part of a financial group, supervisors should ensure that there are processes in place to ensure that operational risk is managed in an appropriate and integrated manner across the group. In assessing banks' ORMF, 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.] In certain circumstances, 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.]