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STATEMENT OF TATEMENT OF TATEMENT OF TATEMENT OF OBJECTIVES BJECTIVES BJECTIVES BJECTIVES To set out the Cayman Islands Monetary Authority (\u201cAuthority\u2019s\u201d) rule on Operational Risk Management for banks, (each of the sub-paragraphs of section 4 below referred to as a \u201cRule,\u201d and collectively, the \u201cRules\u201d), pursuant to the Monetary Authority Law (2004 Revision) (\u201cMAL\u201d).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"2. 2. 2. INTRODUCTION NTRODUCTION NTRODUCTION NTRODUCTION 2.1. Section 34 of the MAL provides that the Authority may issue rules: 34. 34. 34. 34.  (1) After private sector consultation and with the approval of the Governor, the Authority may \u2013 (a)  issue or amend rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees; \u2026 2.2. 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Section 34 of the MAL provides that the Authority may issue rules:\n\n34.\n34.\n34.\n34.  (1) After private sector consultation and with the approval of the\nGovernor, the Authority may \u2013\n\n(a)  issue or amend rules or statements of principle or guidance\nconcerning the conduct of licensees and their officers and\nemployees;\n\u2026\n2.2. This document establishes the Rule on Operational Risk Management\nfor banks and should be read in conjunction with the Statement of\nGuidance on Operational Risk Management for banks.\n\n12 May 2008\n\nPage 2 of 2\n3.\n3.\n3.\n3.\nSCOPE OF\nCOPE OF\nCOPE OF\nCOPE OF APPLICATION\nPPLICATION\nPPLICATION\nPPLICATION\n\nThis rule applies to all banks regulated by the Authority under the Banks and\nTrust Companies Law (2007 Revision).\n\n4.\n4.\n4.\n4.\nRULES\nULES\nULES\nULES\n\n4.1. A bank must establish, implement, and maintain strategies, policies,\nand processes to identify, assess, monitor, and mitigate operational\nrisk that are appropriate for the size, complexity, and nature of the\nbank\u2019s activities.\n\n4.2. 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