On June 29, 2023, Bafin published what is now the 7th amendment to the “Minimum Requirements for Risk Management – MaRisk” framework, which has been in place since 2005. We briefly summarize the contents for you:
Key content of the EBA guidelines on lending and monitoring (EBA/GL/2020/06) is incorporated into MaRisk, in part as references to the guidelines themselves, while maintaining proportionality. This includes but is not limited to
The EU taxonomy, more precisely Regulation EU/2020/852, establishes the basis for assessing the sustainability of economic activities, with a classification system allowing to classify whether the desired sustainability of the investment is given.
The Data Point Model (DPM), as it is known in its current version, was already designed by the EBA and EIOPA in 2012 and further developed independently of each other. However, little has changed in the basic structure during this time.
Sustainability continues to gain in importance and the implementation status of the individual institutions is surveyed in the annual meeting with the banking supervisory authorities.
On January 17, 2022, the Federal Reserve held a kick-off event for PRISMA. The aim is to ensure uniform processing of the reports submitted, including improved quality assurance and subsequent forwarding to the EBA and ECB.
The focus of the November update is on the notification regulations, which must be used to report outsourcings to BaFin
Our partnership has the goal to contribute to the introduction of the platform on the customer side and to work together on further use cases / application possibilities.
When it comes to compliance issues, the question is usually where to start, where to stop?
Cyber risks and IT security are increasingly in the focus of supervision with new technologies on the rise. Consequently, the German Federal Financial Supervisory Authority (BaFin) published its Insurance Supervisory Requirements for IT (VAIT) on March 3, 2022, thus bringing them into force.
In the course of digitalization, companies are increasingly making more data-based decisions. The development towards a “Data Driven Company” is becoming the new status quo.