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In order to ensure that legal risk is maintained at an acceptable level, it is recommended that the credit institution provide in internal documents:
- Ensuring the legality of bank transactions and other transactions (procedure for agreeing the terms of contracts before their conclusion, including procedure for their approval with the legal service of the credit institution;
Procedure for making decisions on bank transactions and other transactions, as well as monitoring their implementation in accordance with the powers provided by the constituent and internal documents of the credit institution; Perform all necessary procedures to confirm and recognize the possibility of banking transactions and other transactions involving remote banking technologies, including Internet banking;
Establishment of accountability of credit institution managers and employees);
- collection and analysis of information on legal risk in a credit institution or other credit institutions;
- methods (ways, approaches) of minimization of legal risk according to character and scales of activity of credit institution.
In order to minimize legal risk, credit institutions can use the following main methods:
- standardization of bank operations and other transactions (orders, procedures, technologies of implementation of operations and transactions, signing of the contracts);
- Establishment of internal procedure for agreement (visitation) by the legal service of agreements concluded by the credit institution and carried out banking transactions and other transactions other than standardized ones;
- analysis of the impact of legal risk factors (both in aggregate and in terms of their classification) on the performance of the credit institution;
- continuous monitoring of changes in the legislation of the Russian Federation, countries of location of foreign affiliates, subsidiaries and dependent organizations of the credit institution;
- subordination of the legal service of the credit institution to the sole executive body;
- Optimize the load on legal officers to ensure continuous professional development;
- Ensure that as many employees as possible have access to up-to-date legal information;
- Encourage employees depending on the impact of their activities on the level of legal risk.
At the same time, in order to carry out effective analysis and take measures to minimize legal risk, it is recommended to create in accordance with the directions of activity of the credit institution an analytical database on losses of the credit institution from legal risk, reflecting information on the amount of losses, reasons for their occurrence and methods of compensation, as well as information on factors of increase of legal risk (Legal risk losses and risk increase factors can be classified according to the principle of uniformity or similarity of situations).
It is advisable to form the specified database in combination with other banking risks (for example, operational, credit, market, liquidity), using data on similar losses in other credit or other financial institutions.
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