73. The risk management framework should enable the issuer of ARTs to make fully informed decisions …

The risk management framework should enable the issuer of ARTs to make fully informed decisions on all risks they are or might be exposed to including ICT risks in accordance with Regulation (EU) 2022/2554 (DORA)¹⁵ and Section 12. The risk management framework should encompass all risks, including actual risks and future risks that the issuer of ARTs may be exposed to. Risks should be evaluated from the bottom up and from the top down, within and across business lines or internal units using consistent terminology and compatible methodologies throughout the issuer of ARTs and at a consolidated level where applicable. All relevant risks should be encompassed in the risk management framework with appropriate consideration given to both financial and non-financial risks, including concentration, operational, ICT, reputational, legal, conduct and ESG risks. Consideration should also be given to credit risk, market risk, concentration risk and liquidity risk resulting from the reserve assets.

¹⁵ Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector: Publications Office (europa.eu)

1. Overview

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

3. Related Standards

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