Internal control system: BaFin market survey of banks and savings banks
Internal control system: BaFin market survey of banks and savings banks In 2017, BaFin conducted a market survey to evaluate the internal control systems (ICS) in banks and savings banks, focusing on first-level controls within the framework of the German Securities Trading Act. The survey included on-site visits to 45 out of 110 institutions and emphasized the importance of a three-tier control system comprising business process controls, compliance monitoring, and internal audits. While all institutions had functional ICS, optimization opportunities were identified in areas like control coordination, feedback mechanisms, and compliance function monitoring. The survey highlighted the need for formalized control activities and better-coordinated efforts between centralizedRead More →