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operational risk

  1. 61
    1. (1) (in COLL and FUND) the risk of loss for a UCITS or AIF resulting from inadequate internal processes and failures in relation to the people and systems of the management company or AIFM 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.
    2. (2) (in GENPRU (except GENPRU 3 (Cross sector groups) and BIPRU (except BIPRU 12 (Liquidity Standards)) 96the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk.
    3. [Note: article 4(22) of the Banking Consolidation Directive]96
    4. (3) (except in (1) and (2)) has the meaning in article 4(1)(52) of the UK CRR96.