Bank Supervision Requirements
Under the Circular 10/2017 (BA):
Supervisory Requirements for IT in Financial Institutions, Federal Financial Supervisory Authority (BaFin) has provided all the requirements that Financial Institutions must abide by. This circular covers IT Resource Management and IT Risk Management.
General Data Protection Regulation (GDPR):
The most important topic of 2018 was General Data Protection Regulation (GDPR). The aim of the GDPR is to protect all EU citizens from privacy and data breaches in today’s data-driven world. GDPR has had major changes in 2018, for example, increased territorial scope, penalties etc. Following the timeline of May 2018 all companies have adhered to the requirements. While it still remains important to perform checks annually to ensure that the organization is compliant to the requirements.
Sarbanes-Oxley Act (SOX):
The United States Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures. The act sets deadlines for compliance and publishes rules on requirements. This act is essential for all privately held American companies.