Regulatory Alerts2011-01-19 | 3/2011Regulation on Operational Risk Management by Non-Bank Financial Institutions, Savings and Loan Associations and Their Unions
The Bank of Albania’s Supervisory Council mandates non-bank financial institutions, savings and loan associations, and their unions to establish comprehensive internal operational risk management systems. These entities must systematically identify, assess, monitor, and mitigate risks through defined policies, clear governance responsibilities for supervisory boards and administrators, and robust business continuity plans. Furthermore, the regulation requires quarterly reporting of early warning indicators to the Bank of Albania and grants supervisory authorities the power to enforce compliance through targeted penalizing measures.
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