Common use of Operational Risk Clause in Contracts

Operational Risk. 29.15.1 Service Provider must notify Aspen immediately when Service Provider becomes aware of the potential for or a material deficiency in the provision of the Services or this Agreement, including in relation to conformity to the Performance Metrics and compliance with applicable laws and regulatory requirements ("Operational Risk"). 29.15.2 Aspen will inform Service Provider immediately when Xxxxx becomes aware of an Operational Risk in the provision of the Services or this Agreement. 29.15.3 Service Provider will register and maintain a risk register of all Operational Risks raised by either Service Provider or Aspen. 29.15.4 Within five (5) working days of the Operational Risk being registered in the risk register Service Provider will provide, for agreement with Aspen, a mitigation plan to mitigate the Operational Risk.

Operational Risk. 29.15.1 Service Provider must notify Aspen immediately when Service Provider becomes aware of the potential for or a material deficiency in the provision of the Services or this Agreement, including in relation to conformity to the Performance Metrics and compliance with applicable laws and regulatory requirements ("Operational Risk"). 29.15.2 Aspen will inform Service Provider immediately when Xxxxx Aspen becomes aware of an Operational Risk in the provision of the Services or this Agreement. 29.15.3 Service Provider will register and maintain a risk register of all Operational Risks raised by either Service Provider or Aspen. 29.15.4 Within five (5) working days of the Operational Risk being registered in the risk register Service Provider will provide, for agreement with Aspen, a mitigation plan to mitigate the Operational Risk.