Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 9 Senior management involvement

Competent authorities shall assess the degree of involvement of senior management of an institution by confirming at least the following:

  1. (a)

    that senior management is responsible for implementing the operational risk governance and management framework approved by the management body;

  2. (b)

    that senior management has been empowered by the management body to develop policies, processes and procedures for managing operational risk;

  3. (c)

    that senior management is implementing the policies, processes and procedures for managing operational risk referred to in point (b).