operational risk
- (1) (in COLL55 and FUND55) the risk of loss for a UCITS or AIF55 resulting from inadequate internal processes and failures in relation to the people and systems of the management company or AIFM55 or from external events, and it includes legal and documentation risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the fund 55 .48
- (2) (except in COLL and FUND55) (in accordance with Article 4(22) of the Banking Consolidation Directive) the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk.48