Answer: Periodically reviewing and approving the operational risk management framework

## Explanation In operational risk management governance, the board of directors has distinct responsibilities from senior management: - **Option A (Implementing operational risk management systems)** - This is typically a responsibility of senior management, who execute the board's directives - **Option B (Develop governance structure)** - While the board oversees governance, the actual development is usually delegated to senior management - **Option C (Assigning responsibilities to risk managers)** - This is an operational function typically handled by senior management - **Option D (Periodically reviewing and approving the operational risk management framework)** - **This is a core responsibility of the board of directors** According to regulatory standards and best practices in operational risk management: - The board of directors is responsible for **oversight** and **approval** of the risk management framework - The board should periodically review and approve the operational risk management framework to ensure it remains effective and appropriate - Senior management is responsible for **implementation** and **day-to-day management** of operational risk Therefore, the board of directors should be responsible for periodically reviewing and approving the operational risk management framework, making Option D the correct answer.

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