CRR Tool
Capital Requirements Regulation (CRR)
Article 321

Article 321 - Qualitative standards

Status
In force
Selected consolidated version from
30/09/2021
Search all articles and keywords within this legal act

Article 321

Qualitative standards

The qualitative standards referred to in Article 312(2) are the following:

(a) 

an institution's internal operational risk measurement system shall be closely integrated into its day-to-day risk management processes;

(b) 

an institution shall have an independent risk management function for operational risk;

(c) 

an institution shall have in place regular reporting of operational risk exposures and loss experience and shall have in place procedures for taking appropriate corrective action;

(d) 

an institution's risk management system shall be well documented. An institution shall have in place routines for ensuring compliance and policies for the treatment of non-compliance;

(e) 

an institution shall subject its operational risk management processes and measurement systems to regular reviews performed by internal or external auditors;

(f) 

an institution's internal validation processes shall operate in a sound and effective manner;

(g) 

data flows and processes associated with an institution's risk measurement system shall be transparent and accessible.

Related documents