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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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Prudential — Investment, Insurance Intermediation and Banking Module (PIB) [VER33/02-19]
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Dec 9 2012 onwards

PIB 6.4.1 Guidance



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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

To view past versions of this module in PDF format, please visit the Archive.

1. GEN Rule 5.3.17 requires an Authorised PersonG to establish and maintain arrangements to provide its Governing BodyG and senior management with the information necessary to organise and control its activities, to comply with legislation applicable in the DIFCG and to manage risks.
2. PIB Rule 6.4.1 is intended to complement GEN Rule 5.3.17 and requires Authorised FirmsG to establish and maintain reporting mechanisms specifically addressing the Operational RiskG matters.
3. The frequency of internal reporting of Operational RisksG required by PIB Rule 6.4.1(b) should reflect the risks involved and the pace and nature of changes in the Authorised Firm'sG operating environment.
4. The following lists some of the items that an Authorised FirmG should consider including in its internal reporting of Operational RisksG :
a. the results of monitoring activities;
b. assessments of the Operational RiskG framework performed by control functions such as internal audit, compliance, risk management and/or external audit;
c. reports generated by (and/or for) supervisory authorities;
d. material breaches of the Authorised Firm'sG risk appetite and tolerance with respect to Operational RiskG ;
e. details of recent significant internal Operational RiskG events and losses, including near misses or events that resulted in a positive return; and
f. relevant external events and any potential impact on the Authorised FirmG and its Operational RiskG framework, including Operational RiskG capital.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]