RESOLUTION OF BOARD OF NATIONAL BANK OF THE REPUBLIC OF TAJIKISTAN

of October 24, 2019 No. 128

About approval of the Instruction No. 240 "About the organization of management system operational risk in the credit financial institutions" 070.170.010.

According to part 5 of article 42 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan", the Board of National Bank of Tajikistan decides:

1. Approve the Instruction No. 240 "About the organization of management system by operational risk in the credit financial institutions" it (is applied).

2. In accordance with the established procedure to provide this resolution to the Ministry of Justice of the Republic of Tajikistan for state registration and to enact after state registration and official publication.

3. Operational risk in credit institutions and the microfinancial organizations"" and of September 25, 2009 No. 298 "About modification of "Recommendations" of the organization of management system operational risk in credit institutions and the microfinancial organizations"" to consider resolutions of Board of National Bank of Tajikistan No. 409 of "Recommendation" of the organization of management system of October 29, 2008 invalid.

4. Authorize Department of banking supervision in case of state registration of this resolution in the Ministry of Justice of the Republic of Tajikistan if necessary to bring in the text of its appendix of change and amendment of editorial nature, not changing its content.

5. To assign execution of Item 2 of this resolution to the Secretary of Board, Department of banking supervision, Legal department and Department of the press.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of Tajikistan Mashrabzod X.

Approved by the Resolution of Board of National Bank of Tajikistan of October 24, 2019 No. 128

The instruction No. 240 "About the organization of management system operational risk in the credit financial institutions"

The instruction No. 240 "About the organization of management system operational risk in the credit financial institutions" (further - the Instruction) is developed according to Item 5 of article 42 of the Law of the Republic of Tajikistan "About National Bank of Tajikistan" for the purpose of the organization of effective management system operational risk in the credit financial institutions and establishes the minimum requirements to the organization of activities of management system operational risk, methods of management and control over activities of this system in the credit financial institutions.

Chapter 1. General provisions

1. In this Instruction the following basic concepts are used:

- credit financial institutions;

- the credit institutions and Islamic credit institutions performing the activities provided by the law based on the license of National Bank of Tajikistan;

- banking activity - the transaction performed by the credit financial institutions according to the legislation of the Republic of Tajikistan;

- operational risk - emergence of losses as a result of discrepancy of internal procedures, procedures and procedure of banking activity to the purposes, the nature, scales of activities of the credit financial institution and requirements of the current legislation, and their non-compliance with the credit financial institution by employees and other persons (as a result of accidental or intentional actions or failure to act), discrepancy of opportunities and tasks of the information, technological systems and other programs which are in use of the credit financial institutions and also their failure, including as a result of impact of external events;

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