Compendium of Supplementary Guidelines on implementation issues of operational risk (CP21)

Start Date: 19/12/2008 | Deadline: 31/03/2009 | Status: Closed

The Committee of European Banking Supervisors (CEBS) today starts a public consultation on its Compendium of Supplementary Guidelines on implementation issues of operational risk (the Compendium).

The consultation is open to all interested parties, including supervised institutions and other market participants.

Since the publication of the Guidelines on the validation and assessment of the Advanced Measurement and Internal Ratings Based Approaches (GL10) in April 2006, CEBS has continued to work on the issues arising from the implementation of the operational risk management and measurement frameworks. The experience gained by firms and supervisors in this phase has indicated the need for certain clarifications and further guidance for both firms and supervisors.

The Compendium represents CEBS' current thinking and expectations and aims to promote a higher level of homogeneity and common understanding among competent authorities on several issues that have emerged from building operational risk frameworks.

Unlike other CEBS guidelines, this Compendium is structured as a collection of individual guidance papers focused on particular operational risk implementation issues. It will be enlarged and updated on a regular basis. The main purpose of the semi-independent guidance papers in this Compendium - drafted as guidance to supervisors, but also relevant to firms - is to support the work of national authorities in their assessment and review of the operational risk frameworks of firms and thereby help to create a level playing field and to foster the convergent application of the operational risk regulatory framework across the EU.

The current edition of the Compendium contains the first set of guidance papers on three issues identified as high priority in dialogue with industry representatives: a) The scope of operational risk and operational risk loss, b) The use test for AMA firms, and c) The allocation of AMA capital.

The Compendium is published for a public consultation which starts today and runs until 31 March 2009. Comments received will be published on the CEBS website unless respondents explicitly request otherwise. Please send your comments to the following e-mail address:

A public hearing will take place on 10 March 2009 at the CEBS's premises in order to allow all interested parties to present their comments to CEBS.


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