It takes less time to do things right than to explain why you did it wrong.

Compliance with internal and external requirements is an elementary component of planning and implementing change projects in a way that is fair to one's interests and risks. Of course, this also applies to digitalisation and IT transformation projects such as the introduction of apps and changes to the IT architecture.

The inclusion of the compliance perspective in the design of the company's services, but also in the contracts with involved service providers (for example, in the design of software and licence agreements) protects the company from penalties and reputational damage and creates the basis for effective control of important requirements. Consideration of regulations, including data protection, but also of market-specific requirements such as those of MaRisk and the EBA guidelines, thus establishes a secure design of projects and contracts.

This ensures that unnecessary costs are avoided, and risks mitigated, and that a service and product design and contract structure is created that is in line with their  interests and practical approach. 

Insights

Reference items
Blogpost

ZAIT – Comparison to BAIT

At the same time as the Banking Authority IT Requirements (BAIT), the German Federal Financial Supervisory Authority has also updated the Payment Services Authority IT Requirements for Payment and E-Money Institutions (ZAIT).

3rd March 2022
Blogpost

VAIT - Update 2022

This blogpost analyses the BaFin circular "Insurance Supervisory Requirements for IT (VAIT)" and puts it in the context of BAIT and ZAIT.

1st April 2022

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Expert EN - Liubov Khomutovskaya

Liubov Khomutovskaya
Legal Director
Liubov
Khomutovskaya

Liubov Khomutovskaya is a Legal Director at CORE. Her expertise focuses on drafting and negotiating IT contracts with German, European, and US partners. She has extensive experience in negotiating ...

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Liubov Khomutovskaya is a Legal Director at CORE. Her expertise focuses on drafting and negotiating IT contracts with German, European, and US partners. She has extensive experience in negotiating IT outsourcing contracts in various industries, including the banking sector and the media industry.

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