BIS central bankers’ speeches  3  In order to have comprehensive and current information on operational risk, SBP will expand its existing reporting mechanism. SBP is working on a two prong strategy; one is to update the existing instructions on frauds & forgeries with the purpose to further strengthen the fraud risk management and monitoring in banks.
On the second front, Guidelines on operational risk data collection will be issued to enhance the scope of loss data gathering in line with Basel II requirements and to provide the industry a minimum set of instructions for consistent recognition of losses and their reporting to a centralized data consortium. These projects are at an advanced stage of consultation with the industry.