Operational risk is linked to the possibility of incurring losses from failed internal processes, people and systems or from external events (e.g. natural disasters), including legal risks.
Bankinter's operational risk management model is the “standardised approach” in accordance with prevailing capital adequacy regulations. This method requires the existence of systems for identifying, measuring and managing such risks, with prior authorisation by Banco de España and an annual audit. Bankinter ensures access to best management practices in the sector by participating in the Spanish Operational Risk Consortium (Consorcio Español de Riesgo de Operacional), a forum of financial institutions for sharing risk management experiences.
With a view to achieving an efficient system for managing operational risk, Bankinter follows three basic principles of action:
With regard to loss events in 2023, Bankinter's operational risk profile is summarised in the following charts.
Bankinter uses insurance as a key element in managing some operational risks. This complements the mitigation of the risks that require this because of their nature. The suitability of arranging Insurance policies to cover operational risks is assessed regularly.
More detailed information on these risks can be found in the Prudential Relevance Report, the Group's Consolidated Legal Report and the Annual Corporate Governance Report. In 2023, Bankinter continued to make significant progress in managing the portfolio's climate change risk. A full explanation is provided in the Non-Financial Information Statement.
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