Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca
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Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

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Section 4Oper<strong>at</strong>ing riskDefinitionOper<strong>at</strong>ing risk is the risk of incurring losses <strong>as</strong> a result of external events orthe inadequacy or malfunctioning of procedures, staff <strong>and</strong> internal systems.Oper<strong>at</strong>ing risk includes legal risk, but does not include str<strong>at</strong>egic or reput<strong>at</strong>ionalrisk.Capital requirements for oper<strong>at</strong>ing risk<strong>Mediobanca</strong> h<strong>as</strong> decided to adopt the B<strong>as</strong>ic Indic<strong>at</strong>or Approach (“BIA”) inorder to calcul<strong>at</strong>e the capital requirement for covering oper<strong>at</strong>ing risk, applying amargin of 15% to the average of the l<strong>as</strong>t three readings of total income. B<strong>as</strong>ed onthis method of calcul<strong>at</strong>ion, the capital requirement <strong>as</strong> <strong>at</strong> <strong>30</strong> <strong>June</strong> <strong>2011</strong> w<strong>as</strong>€104.2m (€107.8m).Risk mitig<strong>at</strong>ionIn the review of its internal procedures <strong>as</strong> part of the “Head of companyfinancial reporting” project, the Group h<strong>as</strong> sought to identify the major sources ofpossible risk <strong>and</strong> the relevant me<strong>as</strong>ures to be taken in order to control <strong>and</strong>mitig<strong>at</strong>e it, by formul<strong>at</strong>ing company procedures <strong>and</strong> focusing mitig<strong>at</strong>ion activityon the most serious <strong>as</strong>pects.With reference to the possibility of losses caused by interruptions inoper<strong>at</strong>ions or systems being unavailable, the Bank h<strong>as</strong> drawn up oper<strong>at</strong>ingcontinuity <strong>and</strong> dis<strong>as</strong>ter recovery plans to ensure th<strong>at</strong> activity can continue <strong>and</strong> tolimit oper<strong>at</strong>ing losses in the event of prolonged interruptions. The Bank reviewsthe oper<strong>at</strong>ing continuity <strong>and</strong> emergency plans regularly, to ensure th<strong>at</strong> these areconsistent with its activities <strong>and</strong> current oper<strong>at</strong>ing str<strong>at</strong>egies.Internal access to computer systems is also monitored, in particular <strong>at</strong>tacksfrom outside, using the appropri<strong>at</strong>e IT <strong>and</strong> observ<strong>at</strong>ion instruments.Insurance policies have been taken out to cover the most valuable staffmembers <strong>and</strong> <strong>as</strong>sets <strong>and</strong> <strong>as</strong> protection for management of c<strong>as</strong>h.As for the possibility of risks deriving from outsourcing activities, the Bankh<strong>as</strong> implemented a continuous monitoring <strong>and</strong> regular review system to <strong>as</strong>sess thecontinuity <strong>and</strong> level of the service provided by outsourcers.Legal risk: risks deriving from litig<strong>at</strong>ion pendingThe only claim worthy of note is the one in respect of the Bank’s allegedfailure to launch a full takeover bid for La Fondiaria in 2002 (cf. p. 257).418 –

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