This report published in June 2011 by the Basel Committee on Banking Supervision's Principles for the Sound Management of Operational Risk provides a framework for managing operational risk across financial institutions. 

The principles emphasize:

1. Governance: Boards and senior management must foster a strong risk culture, set clear responsibilities and implement effective controls.
2. Risk Management Environment: Banks should identify, assess, monitor and control operational risks across all products, activities and systems.
3. Three Lines of Defense: Operational risk management should involve business units (first line), risk and compliance teams (second line) and internal audit for independent assurance (third line).
4. Business Resiliency: Institutions need robust business continuity plans to ensure operational stability during disruptions.
5. Disclosure: Transparent reporting helps stakeholders assess the effectiveness of a bank's risk management framework.

The guidelines stress continuous improvement, proper documentation and a proactive approach to operational risk to maintain financial system stability.

See the entire report at the Bank for International Settlements (BIS).