Retained EU Law SI 2018/959 United Kingdom

Commission Delegated Regulation (EU) 2018/959of 14 March 2018supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards of the specification of the assessment methodology under which competent authorities permit institutions to use Advanced Measurement Approaches for operational risk(Text with EEA relevance)

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Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Any Person1

Other Acts binding the same actors

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Any Person — also bound by 2340 other Acts

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.art018 Data quality Regulated
  • Maintain high-quality operational risk data and systems documentationAny Person
45 other provisions — procedural and definitional
s.art001 Assessment of Advanced Measurement Approaches
s.art002 Definitions
s.art003 Operational risk events related to legal risk
s.art004 Operational risk events related to model risk
s.art005 Operational risk events related to financial transactions including those related to market risk
s.art006 Quality and auditability of documentation
s.art007 Operational risk management process
s.art008 Independent operational risk management function
s.art009 Senior management involvement
s.art010 Reporting
s.art011 Use of the AMA
s.art012 Continuous integration of the AMA
s.art013 AMA used to support the operational risk management of the institution
s.art014 AMA used to enhance the operational risk organization and control of the institution
s.art015 Comparison of the AMA with the less sophisticated approaches
s.art016 Audit and internal validation functioning
s.art017 Audit and internal validation governance
s.art019 Supervisory assessment of IT infrastructure
s.art020 General principles
s.art021 Internal data features
s.art022 Scope of operational risk loss
s.art023 Recorded loss amount of the operational risk items
s.art024 Operational risk losses that are related to credit risk
s.art025 External data
s.art026 Scenario analysis
s.art027 Business Environment and Internal Control Factors
s.art028 General assessment
s.art029 Building the calculation data set
s.art030 Granularity
s.art031 Identification of the loss distributions
s.art032 Determination of aggregated loss distributions and risk measures
s.art033 Expected losses
s.art034 Correlation
s.art035 Consistency of the operational risk measurement system
s.art036 General principles
s.art037 Authorisation equivalence of the insurance provider
s.art038 Provision of the insurance via a third party
s.art039 Multiple counting of risk mitigation techniques
s.art040 Insurance risk mapping process
s.art041 Use of a sophisticated risk mitigation calculation
s.art042 Alignment of the risk mitigation calculation with the operational risk profile
s.art043 Capture of all the relevant elements
s.art044 Other risk transfer mechanisms
s.art045 Transitional provision
s.art046 Entry into force

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.