Past version: effective from 21/10/2015 - 20/10/2015
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An Authorised Person must:
(a) regularly monitor material Exposures to Operational Risk losses;
(b) ensure that appropriate reporting mechanisms are in place at its Governing Body, senior management, and business line levels to support effective management of the Authorised Person's Operational Risk; and
(c) immediately notify the Regulator of any material Operational Risk event including notification of any resulting financial impact, positive or negative, associated with such event.