operational risk
- (1) (in COLL and in accordance with article 3(10) of the UCITS implementing Directive) the risk of loss for a UCITS resulting from inadequate internal processes and failures in relation to the people and systems of the management company or from external events, and it includes legal and documentation risk and risk resulting from the trading, settlement and valuation procedures operated on behalf of the scheme .48
- (2) (except in COLL) (in accordance with Article 4(22) of the Banking Consolidation Directive) the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk.48