Meet BaFin’s Requirements Efficiently and Systematically

MaRisk requires companies to identify which risks are significant to them based on their risk portfolio. All risks pertaining to the following categories must be considered material: credit default risks, market price risks, liquidity risks, and operational risks. ESG risks must also be included in the analysis.

With BIC GRC, you can easily see which risks could seriously affect your assets, income, or liquidity through a thorough risk inventory. Our double materiality analysis helps you pinpoint the ESG risks that matter most to your organization. Plus, our integrated Monte Carlo simulation lets you run and analyze quantitative scenario tests in the short and medium term, giving you a reliable overall risk profile and solid data on your risk capacity.

Our workflow-supported risk management processes ensure your risk documentation is complete. This includes assessing risks, outlining measures, and justifying your decisions. This way, you can make the most of your risk coverage potential, ensure business continuity, and effectively protect yourself and your creditors from financial losses.

According to MaRisk, institutions must establish clear guidelines for data management, data quality, and the aggregation of risk data across the organization. The data structure and hierarchy must ensure that data can be easily identified, aggregated, analyzed, and accessed in a timely manner.

With BIC GRC, you can securely store internal policies and organizational directives, so all teams know the procedures and methods for risk data aggregation. Additionally, they remain informed about important regulationsrelated to internal audits, compliance, data protection, outsourcing, and other management systems. Standardized naming conventions and data labels in the software make it easier for departments to collaborate and share information effectively.

Reliable risk controlling is a key element of MaRisk, designed to help management create and implement a solid risk strategy to keep risks in check.

With BIC GRC, you can always stay on top of your risks. Our effective controlling processes let you systematically monitor risks, ensuring that your measures are working and are regularly updated. This way, you can prevent exceeding your risk capacity while improving the stability and resilience of your business processes against potential risks.

Generating up-to-date risk reports is easy – just a click away! Key information can be clearly structured and shared with responsible parties, and if necessary, forwarded to internal auditing.

Financial institutes need to address risks that come from not following legal regulations. To do this, they must implement effective risk management procedures and compliance controls. Every quarter, the effectiveness of these processes must be checked through internal audits, with the results documented in timely reports.

With BIC GRC, you have everything you need: a central compliance management system that keeps all important policies and risks organized in one place, along with an integrated tool for internal auditing. Clear access rights make sure that only authorized personnel can view sensitive data, keeping your information safe and accurate.

The software simplifies internal auditing by providing a complete audit trail. Smart workflows help auditors document issues, actions taken, and their status. Any major problems found during the audit are automatically and compliantly reported to management, so you can always stay on top of compliance.

In financial institutes, it’s essential that IT systems and processes consistently protect the integrity, availability, authenticity, and confidentiality of the data and information they handle. To achieve this, you need effective monitoring and control processes for IT risks. Additionally, IT risks are often connected to outsourcing risks (aka third party risks), which also need to be monitored, assessed, and managed continuously

BIC GRC provides a complete, integrated security operating system that addresses all key areas, including information security, data protection, business continuity, and internal auditing. After assessing your protection needs, you can easily set targeted security measures for your IT environment and take the necessary steps to manage and reduce risks.

Here are the key steps involved:

• Analyzing risks and identifying protection needs
• Coordinating, monitoring, and managing IT risks
• Defining and managing measures to treat risks
• Setting up a central outsourcing management system
• Creating a detailed outsourcing register with a focus on materiality
• Ensuring process continuity and preparing reintegration plans

Emergency management is a crucial aspect of MaRisk regulations. Financial institutions need to set clear goals to develop effective emergency plans that include measures to limit damage.

BIC GRC offers an integrated business continuity system that meets all requirements and provides top-notch security features, including:

• Establishing objectives and plans for business continuity and recovery
• Conducting business impact analyses to identify critical processes
• Defining and managing emergency preparedness measures
• Conducting stress tests through realistic simulations
• Organizing central emergency drills for optimal incident preparedness
• Reviewing and updating emergency plans on a regular basis
• Sending automated notifications in the event of an emergency
• Utilize extensive analytics for ongoing improvements

Management of financial institutes is required by law to regularly review their risk situation. Reports must not only present the status but also include forward-looking analyses and assessments of risks in relation to the institute’s risk coverage capabilities.

With BIC GRC, creating reports is efficient and user-friendly:

• Generate detailed reports on the risk situation at the push of a button
• Utilize and transfer data from various domains within BIC GRC
• Create reports based on both past and live data
• Include stress test outcomes directly in your reports
• Use handy filters to generate targeted and precise reports