Bank of Russia extends temporary procedures for measuring operational risk
The Bank of Russia made a decision to extend temporary procedures for credit institutions to measure operational risks over the period through 30 September 2024.1
The regulator expands the list of credit institutions, which, over this period, will be entitled to an early switch to the advanced calculation of operational risks using the calculated internal loss multiplier (ILM). Thus, over the period through 30 September 2024, banks included in classification subgroup 2.2 of group 22 as of the date of the notification of the application of the calculated ILM, shall be entitled to submit such notification to the Bank of Russia. Concurrently, credit institutions will be entitled to schedule the launch of the calculated ILM application for the first day of any calendar month.
1 In accordance with Bank of Bank of Russia Regulation No.
2 According to Chapter 2 of Bank of Russia Ordinance No.
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27.12.2023 17.50.08