Featured Product

    BaFin Issues Digitization Strategy for Supervision of Financial Sector

    February 26, 2019

    BaFin published its digitization strategy in the context of the progressive digitization and the phenomenon of "Big Data and Artificial Intelligence" (BDAI), which are rapidly changing the financial market. The three pillars of this digitization strategy are supervising and regulating changes stemming from digitization, ensuring safety of IT systems and data used by supervisors, and developing or transforming BaFin in the face of advancing digitization.

    With its digitization strategy, BaFin wants to show how it intends to set the course in these three fields of action. The digitization strategy document describes the overall goals for each field of the above three fields of action. In addition to the baseline and the status quo, a selection of the next steps currently planned to achieve those goals have been also listed. However, in view of the constant digital change, such a representation cannot cover the entire spectrum of all necessary measures. In addition, neither the overall goals nor the paths there are static. Therefore, these measures continue to evolve dynamically and need to be continuously reviewed and adjusted, if necessary. In many areas, the authority already works and thinks largely digitally. However, BaFin is guided by an ambitious benchmark: from 2025 onward, it wants to be one of the world's leading supervisory authorities in dealing with the ongoing digitization.

     

    Related Links (in German)

    Keywords: Europe, EU, Germany, Banking, Insurance, Regtech, Suptech, Digitization Strategy, BaFin

    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5649