A Fintech bank masters its first Bundesbank audit

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A Fintech bank masters its first Bundesbank audit

zeb supported a young Fintech bank in passing an initial examination by the Bundesbank shortly after it commenced business operations. The Frankfurt bank auditors had to ensure that the new bank met all regulatory requirements. In addition, they meticulously focused on dealing with operational risks, outsourcing, risk management and the resilience of the internal control system.

1. Systematic:
implementation

The challenge of rapid growth

The zeb experts quickly identified that the young company, with its rapid growth and innovative business model, was faced with a particular challenge: In view of the rapid development of the institute, the current organization was no longer reflected in the documentation prepared for the foundation. The bank's principle of agile cooperation also reinforced the growing gap between written structures and daily processes.

 

2. Effective:
results

Identifying gaps and closing them with pragmatic experience

First, the gaps between the rapidly evolving day-to-day business and the existing documentation were identified. In a second step, the institute developed pragmatic solutions with the help of zeb to reliably close all gaps up to the start of the audit. Numerous best-practice examples from zeb Banking's many years of experience served as the basis.

3. Future-proof:
outlook and conclusion

New coordination office now always vigilant

The Bank has established a central coordinating body for all issues and concerns related to the Bank's audit. The Audit Office receives enquiries from the auditors and collects input from all relevant banking departments in order to provide the Bundesbank with precise and coordinated answers.

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Dirk Queisner

Senior Manager