This excerpt taken from the NBG 6-K filed Mar 22, 2007.
A particular section of the Basel II programme refers to the development and the implementation of an integrated operational risk management framework, in accordance with the new regulatory requirements and the international best practices. During the year 2006, NBG completed the development of:
· The operational risk strategy, policies and methodologies;
· A pilot implementation of the new framework at NBG level;
· The timeline for the gradual implementation of the framework to all Group activities.