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Explains how inspections are launched and conducted for significant institutions, less significant institutions when powers are exercised directly, and other supervised legal entities, including outsourced activities. Covers inspection scope, timeline and resourcing, the expected independence and roles of the supervisory authority and inspection team, cross-border cooperation, and the inspection lifecycle from decision to follow-up, with inspection outcomes reported as findings.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/conducting-on-site-inspections-and-internal-model-investigations-september-2018/661481/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/conducting-on-site-inspections-and-internal-model-investigations-september-2018/661481.png","ImageObject",300,407,{"name":92,"@type":93},"Ben ","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-28",true,{"@type":102,"interactionType":103,"userInteractionCount":14},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are on-site inspections and internal model investigations (OSIs and IMIs)?","Question",{"text":112,"@type":113},"OSIs are in-depth investigations of risk, risk controls and governance. 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On-site supervision is performed through on-site inspections (OSIs) or internal model investigations (IMIs) (hereinafter referred to together as“inspections”), as stipulated in Article 12 of the SSM Regulation.  \nFor the sake of simplicity, in this document we distinguish between OSIs, which are in-depth investigations of risk, risk controls and governance, and IMIs, which are indepth assessments of internal models used for the calculation of own fund requirements, in particular with regard to methodologies, economic appropriateness, risks, risk controls and governance. Both types of inspection are carried out on the basis of a predefined scope, timeline and set of resources. The outcome of an inspection is a report detailing the findings.  \nThe ECB is publishing this Guide, drafted with the assistance of the national competent authorities (NCAs) of the Member States participating in the Single Supervisory Mechanism (SSM) , in the framework of its transparency policy. The objective of the Guide is to provide a useful reference document for the supervised entities and other legal entities for which the ECB has decided to launch an on-site inspection, as well as for the work of the on-site inspection teams. The Guide describes the inspection process, from the decision to launch the inspection to the follow-up stage, and sets out the best practices to foster fruitful cooperation between the entities being inspected and the inspection teams.  \nThe Guide applies to the inspections conducted in (i) significant institutions (SIs) , 2 (ii) less significant institutions ( LSIs), when the ECB decides to exercise directly all the relevant supervisory powers for an LSI, 3 and (iii) other legal entities as referred to in Article 10(1) of the SSM Regulation, in particular third parties to whom credit institutions have outsourced functions or activities, and any other undertaking included in supervision on a consolidated basis where the ECB is the consolidating  \n1 Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63) .  \n2 As defined by Article 6(4) of the SSM Regulation. Inspections are conducted in accordance with Article 12 of the same Regulation.  \n3 In accordance with Article 6(5)(b) of the SSM Regulation.  \nsupervisor4 . The term “inspected legal entity” is used for each. In particular, the ECB may carry out inspections in:  \n• Member States participating in the SSM (hereinafter “participating Member States”), with the assistance of NCAs;  \n• Member States of t","cbCaiuTyb5LEFFh7","https://ap.wps.com/l/cbCaiuTyb5LEFFh7","pdf",529280,27,"English","# Contents\n## Introduction\n## 1 General framework for inspections\n### 1.1 Organisation of the supervision of SIs\n### 1.2 Decision-making process for inspections\n### 1.3 Objective of inspections\n### 1.4 Independence of inspections\n### 1.5 Role of the HoM\n### 1.6 Composition of the inspection team\n### 1.7 Cross-border cooperation\n## 2 Inspection process\n### 2.1 Overview of the different steps of an inspection\n### 2.2 Description of the main steps of an inspection\n### 2.3 Inspection outcomes\n## 3 Applicable principles for inspections\n### 3.1 Inspection team’s supervisory and investigatory powers\n### 3.2 Inspection team’s practices\n### 3.3 Inspected legal entities’ rights and the supervisor’s expectations\n### 3.4 Language used during the inspection","[{\"question\":\"What are on-site inspections and internal model investigations (OSIs and IMIs)?\",\"answer\":\"OSIs are in-depth investigations of risk, risk controls and governance. IMIs are assessments of internal models used to calculate own fund requirements, including methodologies, economic appropriateness, risks, risk controls and governance.\"},{\"question\":\"Which entities does the Guide apply to?\",\"answer\":\"It applies to inspections for significant institutions, for less significant institutions when the ECB exercises relevant supervisory powers directly, and for other legal entities referred to in Article 10(1) of the SSM Regulation, including third parties with outsourced functions or activities.\"},{\"question\":\"How is the inspection process structured and what is the outcome?\",\"answer\":\"Inspections are carried out based on a predefined scope, timeline and resources, and the process is described from the decision to launch the inspection through follow-up. The outcome is a report detailing the findings.\"}]","Conducting on-site inspections and internal model investigations - September 2018 | PDF",68]