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The operational risk policy should include: I. The firm's definition of risk II. The governance of operational risk including who owns it, what it owns, and how issues should be escalated III. The main activities and elements that are managed by the operational risk function
Correct Answer: D
An operational risk policy should include: * The firm's definition of risk: Clearly defining what constitutes operational risk for the organization. * The governance of operational risk including who owns it, what it owns, and how issues should be * escalated: Establishing roles and responsibilities for managing operational risk. * The main activities and elements that are managed by the operational risk function: Outlining the key processes and controls that are in place to manage operational risks.