1.1. Qualitative Standards

Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) (Text with EEA relevance) · European Union

The credit institution's internal operational risk measurement system shall be closely integrated into its day-to-day risk management processes. The credit institution must have an independent risk management function for operational risk. There must be regular reporting of operational risk exposures and loss experience. The credit institution shall have procedures for taking appropriate corrective action. The credit institution's risk management system must be well documented. The credit institution shall have routines in place for ensuring compliance and policies for the treatment of non-compliance. The operational risk management processes and measurement systems shall be subject to regular reviews performed by internal and/or external auditors. The validation of the operational risk measurement system by the competent authorities shall include the following elements: verifying that the internal validation processes are operating in a satisfactory manner; making sure that data flows and processes associated with the risk measurement system are transparent and accessible.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-09 · Text as adopted (Official Journal); later amendments are not incorporated in this text.