The Bank of Russia establishes requirements for the management system of operational risk of credit institutions

The Bank of Russia establishes requirements to the system of operational risk management (including risk, information security and risk information systems), event classification this risk and maintain adequate site control for the completeness of the account of direct losses in the database. It is necessary for banks in the future for calculating operational risk that is included in the capital adequacy ratios according to the approach based on standardized evaluation of Basel III. The corresponding position is registered in Ministry of justice of Russia and shall enter into force on 1 October 2020.

According to this document, the credit institution will lead to compliance with the requirements of Basel III, their database of operational risk events and the accounting of such events by the beginning of 2022.

In connection with the publication of this provision also made changes in the instruction of the Bank of Russia from 15.04.2015 No. 3624-U “On requirements to risk management system and capital of credit organizations and banking groups”.

The second legislative act dedicated to the calculation of operational risk included in the capital adequacy standards according to Basel III, the Bank of Russia plans to publish this year.

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