as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
what processes should be in place for the approval of new products, activities, processes, and systems?
user
there should be a thorough approval process for all new products, activities, processes, and systems that assesses operational risk, considering inherent risks, changes to the bank's operational risk profile, necessary controls, residual risk, and procedures for measuring, monitoring, and managing the risk.
assistant