# Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (Text with EEA relevance), Article 85: Operational risk

Extent: E+W+S+N.I.

1. Competent authorities shall ensure that institutions implement policies and processes to evaluate and manage the exposures to operational risk, including model risk and risks resulting from outsourcing, and to cover low-frequency high-severity events. Institutions shall articulate what constitutes operational risk for the purposes of those policies and procedures.
2. Competent authorities shall ensure that contingency and business continuity plans are in place to ensure an institution's ability to operate on an ongoing basis and limit losses in the event of severe business disruption.

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Source: https://www.legislation.gov.uk/eudr/2013/36/article/85 (the official version)
Page: https://openlegislation.uk/eu-directive-2013-36/article-85
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.