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Final Report on Guidelines on internal governance under Directive 2013/36/EU (EBA/GL/2021/05) (applicable from 31 December 2021)Executive summaryBackground and rationaleGuidelines on internal governance1. Compliance and reporting obligations (paras. 1-4)Status of these guidelines (paras. 1-2)Reporting requirements (paras. 3-4)2. Subject matter, scope and definitions (paras. 5-13)Subject matter (para. 5)Scope of application (para. 6-13)Definitions (para. 13)3. Implementation (paras. 14-15)Date of application (para. 14)Repeal (para. 15)4. Guidelines (paras. 16-234)Title I - Proportionality (paras. 16-19)Title II - Role and composition of the management body and committees (paras. 19-67)1 Role and responsibilities of the management body (paras. 19-27)2 Management function of the management body (paras. 28-31)3 Supervisory function of the management body (paras. 32-34)4 Role of the chair of the management body (paras. 35-39)5 Committees of the management body in its supervisory function (paras. 40-67)5.1 Setting up committees (paras. 40-45)5.2 Composition of committees (paras. 46-55)5.3 Committees’ processes (paras. 56-60)5.4 Role of the risk committee (paras. 61-63)5.5 Role of the audit committee (para. 64)5.6 Combined committees (paras.65-67)Title III - Governance framework (paras. 68-93)6 Organisational framework and structure (paras. 68-82)6.1 Organisational framework (paras. 68-70)6.2 Know your structure (paras,. 71-75)6.3 Complex structures and non-standard or non-transparent activities (paras. 76-82)7 Organisational framework in a group context (paras. 83-90)8 Outsourcing policy (paras. 91-93)Title IV - Risk culture and business conduct (paras. 94-140)9 Risk culture (paras. 94-98)10 Corporate values and code of conduct (pars. 99-104)11 Conflict of interest policy at institutional level (paras. 105-107)12 Conflict of interest policy for staff (paras. 108-131)12.1 Conflict of interest policy in the context of loans and other transactions with members of the management body and their related parties (paras. 120-128)12.2 Documentation of loans to members of the management body and their related parties and additional information (paras. 129-131)13 Internal alert procedures (paras. 132-138)14 Reporting of breaches to competent authorities (paras. 139-140)Title V - Internal control framework and mechanisms (paras. 141-224)15 Internal control framework (paras. 141-145)16 Implementing an internal control framework (paras. 146-151)17 Risk management framework (paras. 152-162)18 New products and significant changes (paras. 163-168)19 Internal control functions (paras. 169-178)19.1 Heads of the internal control functions (paras. 172-174)19.2 Independence of internal control functions (paras. 175)19.3 Combination of internal control functions (para. 176)19.4 Resources of internal control functions (paras. 177-178)20 Risk management function (paras. 179-203)20.1 RMF’s role in risk strategy and decisions (paras. 187-188)20.2 RMF’s role in material changes (paras. 189-190)20.3 RMF’s role in identifying, measuring, assessing, managing, mitigating, monitoring and reporting risks (paras. 191-197)20.4 RMF’s role in unapproved exposures (paras. 198-199)20.5 Head of the risk management function (paras. 200-203)21 Compliance function (paras. 204-213)22 Internal audit function (paras. 214-224)Title VI - Business continuity management (paras. 225-230)Title VII - Transparency (paras. 231-234)Annex I - Aspects to take into account when developing an internal governance policy5. Accompanying documents5.1. Draft cost-benefit analysis/impact assessment5.2. Summary of responses to the consultation and the EBA’s analysis
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AI Summary of 4. Guidelines (paras. 16-234)

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Version date: 2 July 2021 - onwards

4. Guidelines (paras. 16-234)

Title I - Proportionality (paras. 16-19)
Title II - Role and composition of the management body and committees (paras. 19-67)
1 Role and responsibilities of the management body (paras. 19-27)
2 Management function of the management body (paras. 28-31)
3 Supervisory function of the management body (paras. 32-34)
4 Role of the chair of the management body (paras. 35-39)
5 Committees of the management body in its supervisory function (paras. 40-67)
5.1 Setting up committees (paras. 40-45)
5.2 Composition of committees (paras. 46-55)
5.3 Committees’ processes (paras. 56-60)
5.4 Role of the risk committee (paras. 61-63)
5.5 Role of the audit committee (para. 64)
5.6 Combined committees (paras.65-67)
Title III - Governance framework (paras. 68-93)
6 Organisational framework and structure (paras. 68-82)
6.1 Organisational framework (paras. 68-70)
6.2 Know your structure (paras,. 71-75)
6.3 Complex structures and non-standard or non-transparent activities (paras. 76-82)
7 Organisational framework in a group context (paras. 83-90)
8 Outsourcing policy (paras. 91-93)
Title IV - Risk culture and business conduct (paras. 94-140)
9 Risk culture (paras. 94-98)
10 Corporate values and code of conduct (pars. 99-104)
11 Conflict of interest policy at institutional level (paras. 105-107)
12 Conflict of interest policy for staff (paras. 108-131)
12.1 Conflict of interest policy in the context of loans and other transactions with members of the management body and their related parties (paras. 120-128)
12.2 Documentation of loans to members of the management body and their related parties and additional information (paras. 129-131)
13 Internal alert procedures (paras. 132-138)
14 Reporting of breaches to competent authorities (paras. 139-140)
Title V - Internal control framework and mechanisms (paras. 141-224)
15 Internal control framework (paras. 141-145)
16 Implementing an internal control framework (paras. 146-151)
17 Risk management framework (paras. 152-162)
18 New products and significant changes (paras. 163-168)
19 Internal control functions (paras. 169-178)
19.1 Heads of the internal control functions (paras. 172-174)
19.2 Independence of internal control functions (paras. 175)
19.3 Combination of internal control functions (para. 176)
19.4 Resources of internal control functions (paras. 177-178)
20 Risk management function (paras. 179-203)
20.1 RMF’s role in risk strategy and decisions (paras. 187-188)
20.2 RMF’s role in material changes (paras. 189-190)
20.3 RMF’s role in identifying, measuring, assessing, managing, mitigating, monitoring and reporting risks (paras. 191-197)
20.4 RMF’s role in unapproved exposures (paras. 198-199)
20.5 Head of the risk management function (paras. 200-203)
21 Compliance function (paras. 204-213)
22 Internal audit function (paras. 214-224)
Title VI - Business continuity management (paras. 225-230)
Title VII - Transparency (paras. 231-234)
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