Regulatory Alerts2024-11-06 | 51/2024Regulation 51/2024 on Operational Risk Management for Banks, Payment and Electronic Money Institutions
The Bank of Albania’s Supervisory Council issued Regulation 51/2024 to establish minimum operational risk management requirements for licensed banks, payment institutions, and electronic money institutions. The regulation mandates these entities to implement a comprehensive risk framework governed by clearly defined steering councils and directorates, utilizing the three lines of defense model to identify, assess, control, and report operational risks. It further requires the establishment of dedicated risk management units, robust internal controls, continuous monitoring through early warning indicators, and periodic reporting to ensure alignment with the entities’ risk appetite and regulatory compliance.
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