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BIPRU Sch 1 Record keeping requirements

11 The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

2 It is not a complete statement of those requirements and should not be relied on as if it were.

3 Table



Subject of Record

Contents of Record

When record must be made

Retention Period

BIPRU 2.2.5 G

Firm's ICAAP

(1) The results of the ICAAP

(2) An explanation of the processes used

(3) How the process is used internally and for what purpose

(4) Internal governance

(5) The main sources of risk to which the firm is exposed

(6) How the firm is managing each of those risks

(7) Details of stress and scenario testing that has been conducted

(8) The rationale behind the chosen scenarios

(9) The results of those scenario tests


Not specified

BIPRU 5.2.3 R,

BIPRU 5.4.11 R (2),

BIPRU 9.5.1 R (5)

Legal opinions confirming enforceability

A record of the legal review showing enforceability of credit protection arrangements in all relevant jurisdictions

Not specified, but before risk mitigant is recognised

Review conducted as necessary

BIPRU 5.2.9 R

Risk management processes

Documented risk management processes to control the risks that firm may be exposed to as a result of carrying out credit risk mitigation

Not specified, but before risk mitigant is recognised

Not specified

BIPRU 5.4.12 R

Collateral procedures

(1) A clear and robust procedure for the liquidation of collateral

(2) Documented policies covering the types and amounts of collateral accepted

Not specified, but before collateral is recognised

Not specified

BIPRU 5.4.59 R,

BIPRU 5.4.60 R

Volatility adjustments for financial collateral

(1) Documentation of a system estimating volatility adjustments and the integration of the volatility adjustments in its risk management process

(2) Review of system estimating volatility adjustments

Not specified, but before own estimates of volatility adjustments approach is used for capital purposes

Not specified

BIPRU 5.7.8 R

System to manage concentration of risk arising from guarantees and credit derivatives

Documentation of a system to manage potential concentration risk arising from unfunded credit protection and how this interacts with its management of its overall risk profile

Not specified, but before unfunded credit protection is recognised

Not specified

BIPRU 7.10.53 R,

BIPRU 7.10.54 G

Material risks not captured in the firm's VaR model

Documented risks not captured in the VaR model and creation of a prudent incremental PRR charge for the risk not captured

Not specified

Not specified

BIPRU 9.4.3 R

Legal opinions for securitised exposures

A record of the legal opinions confirming that the securitised exposures have been put beyond the reach of the originator

Not specified, but before securitised exposures are excluded from capital calculation

Review conducted as necessary

BIPRU 9.13.12 R (1)

Capital plan in case of early amortisation

For controlled amortisation, the capital/liquidity plan to ensure that sufficient capital and liquidity are available in the event of early amortisation

Not specified

Not specified

BIPRU 9.13.21 R

Capital plan in case of either scheduled or early amortisation

The capital plan to address the capital implications of both scheduled and early amortisation

Not specified

Not specified

BIPRU 10.4.47 R

Exposure to undisclosed counterparties

A record of the steps taken by the firm to satisfy itself that it will continue to meet the limits in BIPRU 10.5 for non-trading book exposures and trading book exposures

Not specified

Not specified

BIPRU 13.6.48 R

Operation of CCR management system

Documented set of internal policies, controls and procedures concerning the operation of the CCR management system

Prior to application for CCR internal model method permission


BIPRU 13.7.6 R (2)

Legal opinion regarding netting agreements

A record of legal opinions that, in the event of a legal challenge, relevant courts and administrative authorities would find that the firm's claims and obligations would be limited to the net sum in BIPRU 13.7.6 R (1)

On entering into a transaction and making use of netting agreements

While transaction held