11. In addition to the provisions set out in the Guidelines EBA/GL/2021/05, the financial …

In addition to the provisions set out in the Guidelines EBA/GL/2021/05, the financial institution’s management body in its management function should:

• a. ensure that it is informed of the results of the latest restrictive measures exposure assessment, pursuant to Section 4.2;
• b. adopt an appropriate risk management framework and internal control system that is sufficiently independent from the business it controls;
• c. approve policies, procedures and controls that are proportionate to the financial insti-tution’s restrictive measures exposure and adequate to ensure the financial institu-tion’s compliance with restrictive measures;
• d. ensure the effective implementation of the financial institution’s processes to comply with restrictive measures;
• e. implement the organisational and operational structure necessary to comply effec-tively with the restrictive measures strategy adopted by the management body;
• f. ensure that the human and technical resources allocated to the compliance with re-strictive measures are appropriate and commensurate with the institutions’ exposure to restrictive measures;
• g. where operational functions of the compliance with restrictive measures are out-sourced, ensure that these arrangements comply with Guidelines EBA/GL/2019/02¹⁰ , and receive regular reports on the effectiveness of the system from the service provider to inform the management body.

¹⁰ Guidelines EBA/GL/2019/02 on outsourcing arrangements, to be replaced by Guidelines EBA/GL/XXXX/XX on sound management of third party risks.

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

• EBA -

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