Financial service providers such as banks, insurance companies and credit institutions are under constant pressure to comply with a multitude of rules and regulations. Not only the GDPR and the KRITIS regulations make handling data more difficult, but also the BaFin's catalogues of requirements: KAIT, BAIT and VAIT. These requirements demand the highest level of data management to ensure smooth operations and legal compliance.
APARAVI offers a specialised solution tailored to the complex needs of financial service providers to make data management and compliance efficient and legally compliant.
The EU's Digital Operational Resilience Act (DORA) considers all components of operational resilience and explicitly includes rules for IT risk management.
The BAIT, VAIT and KAIT are BaFin guidelines that set clear requirements for the technical and organisational design of information technology (IT), IT systems and IT peripherals in German financial companies. Their main objective is to strengthen information security and IT governance in these companies and to raise awareness of IT-related risks.
In addition, MaRisk implements the qualitative requirements of Basel II and Basel III into German law.
Individualised data processing in the financial sector is classified as very critical by the German Federal Financial Supervisory Authority (BaFin), as it often entails inadequate quality assurance, documentation and limited traceability. Insurers, banks and financial service providers often use Excel, among other things, to create workarounds for complex calculations. The risks in this example are often underestimated: process breaks, a lack of documentation, a high susceptibility to errors in calculations and a lack of transparency are not tolerated by BaFin.
APARAVI offers a powerful solution for searching masses of data from any source for individualised data processing. Your data is indexed and classified, the results are presented in comprehensible reports and transferred to transparent processes.
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