The Federal Financial Supervisory Authority BaFin has defined minimum requirements for risk management (MaRisk) at credit institutes or financial services providers, which you must adhere to by means of a compliance function. In view of the increasing regulatory density, this function is necessary to counteract the risks of non-compliance with statutory provisions and requirements.
This is predicated on a regular risk-oriented identification of the key legal provisions. Moreover, the compliance function must seek to ensure reliable implementation of effective methods, processes and suitable controls to adhere to the relevant requirements and must therefore be included along with risk controlling when company processes or structures change or new products are introduced. Management is assigned an advisory role in MaRisk compliance.
At gwp, we will gladly assist and advise you in the management of the extensive requirement defined for MaRisk compliance.