As an expert in the field of regulatory, PBK supports financial services institutions in building a compliance function in accordance with the Minimum Requirements for Risk Management (MaRisk) of the Federal Financial Supervisory Authority (BaFin). For this purpose, a compliance officer must be appointed. We offer to outsource the compliance function and the compliance officer to us.
COMPLIANCE OFFICER AND COMPLIANCE FUNCTION
If we as PBK act as the compliance officer and perform the compliance function, we first ensure that all risks are taken into account. We achieve this by including all relevant staff in a brainstorming session and consider all possible types of risks. As a compliance officer or owner of the compliance function, we then examine whether the internal control system of the financial services institution is sufficient to avert damages. In this case, we do not assume control function in day-to-day business. The controls shall be integrated into the performance process (first line of defense).
- Comprehensive risk analysis
- Identification of key compliance risks
- Review of the adequacy of the internal control system (second line of defense)
- Annual reporting
REVIEW OF COMPLIANCE MANAGEMENT SYSTEM
PBK offers financial services institutions the review of a compliance management system in accordance with IDW PS 980. The subject of review is the description of the compliance management system - i.e. the internal instructions, which indicate the compliance management system and are suitable for the defence of the identified compliance risks. The result of a review of a compliance management system in accordance with IDW PS 980 is a certificate that can be published.
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