How do I become Fit as a Managing Director in a financial company?
You need these skills. BaFin sets high standards of expertise for managing directors who work in a financial company regulated by the KWG, ZAG or KAGB.
BaFin’s assessment covers the professional suitability, reliability and time availability of a managing director. Professional suitability to manage an institution within the meaning of the Banking Act and the ZAG means that a business manager has sufficient theoretical and practical knowledge of the relevant business as well as management experience.
The requirements for the professional suitability of a manager are measured by the size and structure of the institution as well as the type and variety of business conducted by the institution and are assessed on a case-by-case basis.
§ Section 25c (4) KWG requires regular attendance of training courses. The KWG obliges institutions to provide human and financial resources to facilitate the introduction of members of the management to their office and to provide the
and to provide the training necessary to maintain their professional competence.
Induction into office should be timely and support an understanding of the institution’s structure, business model, risk profile and governance arrangements, and the role of individual directors therein, and promote awareness of the benefits of diversity.
BaFin assumes that the institution will identify the need for further training, which can be met through training of the entire body as well as for individual members.