Don´t fear VAIT

Identification and implementation of the regulatory requirements set out by BaFin

The regulatory pressure on insurance companies is increasing

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht; BaFin) has published expectations – the ‘IT Requirements for Insurance Companies’ (versicherungsaufsichtliche Anforderungen an die IT; VAIT) – that set out how insurers must organise their information technology, especially in regard to the management of IT resources and IT risk management.

However, as the IT requirements are incredibly generic in their formulation, there is room for interpretation, which is causing a great deal of uncertainty in the insurance industry. Failure to meet the requirements ultimately comes with the threat of the regulatory authority imposing severe sanctions.

What’s more, the VAIT are not just limited to the context of IT (elements such as IT strategy, IT governance, information risk management, information security management, user authorisation management, IT projects, IT operations or the outsourcing of IT); they also include the individual specialist departments. Individual data processing, tests and approvals of partners and projects are then also affected by them, for example.

However, IT projects often need to be inexpensive and pragmatic to implement. Insurance companies also don’t want to face public ridicule, which is why VAIT projects also enjoy a large amount of attention at management level.

Your VAIT project in good hands

adesso is your partner in helping you to successfully realise your VAIT projects. On top of our industry knowledge and our expertise in IT management, our employees also have years of experience in regulatory projects as well as in the realm of IT requirements for banks (bankenaufsichtliche Anforderungen an die IT; BAIT).

We have an established process model in the form of the VAIT Readiness Check that ensures your IT conforms to regulatory requirements.

The advantages are obvious:

  • The current state of your conformity to VAIT is identified.
  • You receive an overview of the necessary measures as well as the actual implementation requirements.
  • You are prepared for an external audit in advance.
  • And last but not least, the risk of sanctions is reduced.

Do you have any questions?

Your contact
Christian Nölke

Let’s discuss how we can work together to successfully implement your VAIT project.

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