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Version from: 01/01/2023
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Article 321 - Qualitative standards

Article 321

Qualitative standards

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


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


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


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;


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;


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


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


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