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On recommendation from the Accounting Standards Board (ASB), the Institute of Chartered Accountants of Nepal (ICAN) in its Council

meeting held on 13 September 2013 decided to announce the roadmap for implementation of Nepal Financial Reporting Standards (NFRS) including its interpretations.  As per the said announcement, Commercial Banks, including State Owned Commercial Banks (Class ‘A’) are required to fully implement NFRS from 2015/16.

Many Operational Risk events are taking place in the industry, which is in increasing trend. The risk event types indicate that it is happening on account of inadequate systemic infrastructure, unskilled human resource depending on a few IT personals and inadequate knowledge and skills on IT of the senior officials who supervise IT personals.