(14)Regulation (EU) 2024/1623 introduced in Chapter 1 of Title III of Regulation (EU) No 575/2013 a new single non-model-based approach for the calculation of the own funds requirements for operational risk to address the lack of risk-sensitivity and of comparability of the existing approaches. Following a discretion included in the Basel III standards, the Union’s minimum own funds requirements are solely based on the calculation of the Business Indicator Component (BIC), whilst the loss history is considered for disclosure purposes only. Those amendments should be reflected in the disclosure templates, inter alia by laying down new templates to provide information on annual operational losses incurred over the past 10 years, the calculation of business indicator, components and sub-components, and the related own funds requirements and risk exposure amounts.