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The Basel II Framework envisages that, over time, the operational risk discipline will mature and converge towards a narrower band of effective risk management and measurement practices. This document outlines the current range of operational risk management and measurement practices and contributes to the efforts to establish consistent supervisory expectations. It is intended to promote consistency in implementation of Basel II, in particular related to the Advanced Measurement Approaches for operational risk, by furthering the understanding of both supervisors and banking institutions regarding outstanding operational risk implementation issues, as well as to foster consistency in addressing these issues across regions. As part of this process, the Committee also has identified practices that fall outside the range of effective and sound operational risk practices. Because operational risk is still an evolving discipline, this paper is intended to be an evergreen document, and as further issues are identified and expectations for convergence towards a narrower range of appropriate practices are developed, these too will be added to this document.