BaFin and Deutsche Bundesbank published Circular 09/2017 on the minimum requirements for risk management of banks (also called MaRisk). The requirements become effective immediately.
These newly released requirements have been adapted to the European and international standards. Significant revisions concern the areas of data aggregation and risk reporting (including BCBS 239), risk culture, and outsourcing. The requirements apply to all banks and financial services institutions in the Federal Republic of Germany. This marks end of a consultation process that began in February 2016.
Related Link: Circular 09/2017
Keywords: Europe, Germany, Banking, Risk Management, Reporting, Data Aggregation, BCBS 239, Bundesbank, BaFin
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