http://www.legislation.gov.uk/eur/2013/231/article/13Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)Commission Delegated Regulation (EU) No 231/2013Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02013R0231-20200401texttext/xmlen2025-04-03Expert Participation2025-02-27 CHAPTER II <Strong>GENERAL PROVISIONS</Strong> SECTION 3<Emphasis><Strong>Additional own funds and professional indemnity insurance</Strong></Emphasis><CommentaryRef Ref="key-9b7c556a220939f4664638e5ceec89c0"/>...Qualitative requirements addressing professional liability risksArticle 131An AIFM shall implement effective internal operational risk management policies and procedures in order to identify, measure, manage and monitor appropriately operational risks including professional liability risks to which the AIFM is or could be reasonably exposed. The operational risk management activities shall be performed independently as part of the risk management policy.2An AIFM shall set up a historical loss database, in which any operational failures, loss and damage experience shall be recorded. This database shall record, without being limited to, any professional liability risks as referred to in Article 12(2) that have materialised.3Within the risk management framework the AIFM shall make use of its internal historical loss data and where appropriate of external data, scenario analysis and factors reflecting the business environment and internal control systems.4Operational risk exposures and loss experience shall be monitored on an ongoing basis and shall be subject to regular internal reporting.5An AIFM’s operational risk management policies and procedures shall be well documented. An AIFM shall have arrangements in place for ensuring compliance with its operational risk management policies and effective measures for the treatment of non-compliance with these policies. An AIFM shall have procedures in place for taking appropriate corrective action.6The operational risk management policies and procedures and measurement systems shall be subject to regular review, at least on an annual basis.7An AIFM shall maintain financial resources adequate to its assessed risk profile.Words in Ch. 2 Section 3 heading omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 23(11) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)