Qualitative standards
Article 321
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.