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Bank für Kirche und Caritas eG

How MR.KNOW minimizes the risks of financial products

The Bank für Kirche und Caritas is no ordinary financial institution. It was established in 1972 as a self-help institution for parishes, church charitable institutions and their full-time employees. This is still reflected in the philosophy of the cooperative bank today. Following Christian values, the focus here is on people and the environment. This is why the specialist bank has made it its mission to provide customers with an individual and high-performance range of products and services and support them with personal advice in all financial matters.

In order to be able to provide customers with this service and the extensive range of products, the bank is constantly working on the development of new products and innovations. The fast execution of the New Product Processes (NPP) according to MaRisk is therefore now guaranteed by the MR.KNOW – MaRisk ASSISTANT from Inspire Technologies (INSPIRE).

An NPP application was already in use at the Bank für Kirche und Caritas. The old application based on IBM Notes was successfully replaced by MR.KNOW. In order to optimize the processes and make them even more efficient, a new, modern solution based on model-based application development was chosen. Together with employees of the Bank für Kirche und Caritas, the MR.KNOW – MaRisk ASSISTANT was adapted to their individual requirements and needs. Now it is helping to launch new products and open up new markets.

The New Product Process (NPP) is about analysing the risk content of a credit institution’s new business activities, as required by banking supervision in accordance with MaRisk AT 8. This involves not only the creation of complex financial innovations, but also the acquisition of new markets and the implementation of previously unused distribution channels. The whole process is very complex, and requires appropriate control mechanisms. The review processes must therefore ensure that new products are introduced in an error-free and transparent manner. However, the “Minimum Requirements for Risk Management” (MaRisk) only provide a general description of what this process should look like.

The MR.KNOW – MaRisk ASSISTANT now ensures that risks are analysed and minimised in a structured manner both during the introduction and particularly during the lifecycle of products and markets. The use thereof has reduced the time-to-market and preserved resources. It also helps you to comply with the necessary documentation requirements.

Three different scenarios are supported: “New product or market”, “Express” (takeover of values from existing products) and “Refresh” (initialization from product catalogue). Once all the details have been entered, the procedure is sent or forwarded to the NPP manager. The manager can now initiate and control the relevant process easily and with high quality. All of the relevant specialist departments and the Management Board are involved in the risk assessment and the decision-making process. If it is decided in the preliminary analysis that it is an NPP, the process automatically moves on to the next process step. Once all the necessary steps have been completed, the process is finally completed and the new product can be implemented.

With the MR.KNOW – MaRisk ASSISTANT, the Bank für Kirche und Caritas can now be sure that it will stand out from the competition in a competitive market by being able to bring new products to market quickly and ensuring efficient working.

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