MaRisk is an acronym referring to the minimum requirements for risk management (German: '), a circular by the German

Federal Financial Supervisory Authority The Federal Financial Supervisory Authority (german: Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt für Finanzdienstleistungsaufsicht) better known by its abbreviation BaFin is the financial regulatory authority for Germany. It ...

(', BaFin) providing concepts for risk management of banks, insurances and other companies financially trading in Germany. The primary legal background for MaRisk is the Kreditwesengesetz (KWG), the secondary legal background is the '' Solvabilitätsverordnung SolvV''. MaRisk implements the qualitative requirements of

Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. It is now extended and partially superseded by Basel III. The Basel II Accord was publi ...

and

Basel III Basel III is the third Basel Accord, a framework that sets international standards for bank capital adequacy, stress testing, and liquidity requirements. Augmenting and superseding parts of the Basel II standards, it was developed in response t ...

into German law. Strictly speaking, MaRisk is not a law, but a ''norm-interpreting administrative regulation'' (German: ), nevertheless it is de facto binding for all financial institutes and insurance companies with business in Germany.

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One core principle of MaRisk is that the risk control department has to be set up to be organisationally independent from those departments performing business transactions. This separation should prevail throughout the organisation up to and including the management board.

* The primary legal background for MaRisk is the '' Kreditwesengesetz'' (KWG). * The KonTraG (German:'' '', i.e. law for control and transparency for businesses) is another legal requirement to be fulfilled by companies financially trading in Germany. * The

Sarbanes–Oxley Act The Sarbanes–Oxley Act of 2002 is a United States federal law that mandates certain practices in financial record keeping and reporting for corporations. The act, (), also known as the "Public Company Accounting Reform and Investor Protect ...

can be seen as the US equivalent of MaRisk.

References

External links

BaFin - official website
{{Portal bar, Germany, Law Banking in Germany 2012 establishments in Germany Bank regulation

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External links