Operational Risk (opRisk)

the risk of losses resulting from inadequate or failed internal processes, people and systems or from external events (including legal risk). There are three different measuring processes for measuring operational risk:

Basic Indicator Approach (BIA),

(Alternative) Standardised Approach (STA),

Advanced Measurement Approach (AMA)

Operational risk is defined in the Insurance Supervision Act 2016 (VAG 2016) as the risk of loss arising from inadequate or failed internal processes, personnel or systems, or from external events.

Operational risk is defined in the Investment Funds Act of 2011 (InvFG 2011) as the risk of loss for the UCITS resulting from insufficient internal processes and failure of the human or material resources of the management company or external events and shall include legal and documentation risk as well as risk resulting from trading, settlement and valuation procedures performed for the UCITS .