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PIB 6.3.1

An Authorised Firm must:

(a) ensure that it identifies and assesses the Operational Risks inherent in all the Authorised Firm's products, activities, processes and systems;
(b) ensure the inherent risks in (a) are understood by relevant Employees of the Authorised Firm;
(c) systematically track Operational Risk events and any financial impact associated with such events; and
(d) ensure that the tracking in (c) is consistent with the Operational Risk event types described in the Basel III framework.
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]