BaFin publishes English translation of MaRisk
The Federal Financial Supervisory Authority (BaFin) has published the English translation of the current version of the Minimum Requirements for Risk Management (Mindestanforderungen an das Risikomanagement – MaRisk) on 15 August 2014.
The MaRisk specify the requirements set out in section 25a of the German Banking Act (Kreditwesengesetz – KWG) with regard to the risk management of credit institutions. BaFin thus makes transparent how the undefined legal concepts of section 25a of the KWG are applied in practice. In view of changing international requirements, the MaRisk have been revised and updated on several occasions in recent years.