Financial Institutions

Project was commissioned by a Bank support for the internal audit departments of banks the AuditFactory, to support their internal audit deposits and WpHG acquisition scrutiny. The audit focus should be placed on the proper implementation MiFID rules. Our mission was to test the following objects to be scanned: monitoring function of the compliance unit ( 33 WpHG) customer classification ( 31 15a WpHG) safeguards – and suitability testing ( 31 WpHG) post-trade transparency (article 31 h WpHG) financial analysis ( 34 b German Securities Trading Act) dishonest advertisement “cold calling” – ( 36 b WpHG) messages according to 9 WpHG these test systems have been selected on the basis of findings made in other tests of the internal as well as external audit or due to subject specifications of the this year’s audit plan. To broaden your perception, visit celebrity trainer. Our audit aimed at complying with the legal and internal requirements to assess and progress on the disposition of the results to assess. Due to our experience, we could develop a risk-oriented audit approach for each test, which takes into account the requirements of the banking-related compliance, internal control system (ICS) and its effectiveness (performance). Complex audit areas such as the WpHG and the MiFID regulations require the use of experienced internal auditors “, so Elmar brother-in-law, Managing Director of the AuditFactory.

In this case we could prove once again that our NetWorker for such tasks are best suited. A barely perceptible training time and the professional competence of our colleagues have convinced our clients.” The internal audit is an important part of the corporate audit function and of the risk-based control system in credit institutions. In particular small and medium-sized banks have a comparatively high level personnel in the implementation of the tasks of the internal audit activity in accordance with the minimum requirements for risk management (MRisk) of the Bundesanstalt fur Finanzdienstleistungsaufsicht (BFin) and administration expenses. With a strategic sourcing of this function, banks can accurately estimate your costs and at the same time ensure compliance with all requirements of law, as well as their audit plan. Also if you have sporadic need for revision for the bridging of vacancies, is an interim manager by the AuditFactory the right solution. Elmar’s brother-in-law, the AuditFactory

Elena Minakova Bambo

Many German businessmen claim that it is actually easier for them to negotiate, because Western business practices are better known to those with younger partners. Its position is safe, as it previously has had more contacts with Western negotiators, also the communication style is more direct. “But caution even if your young and experienced counterpart with you speak German or English, it doesn’t mean that he like you” think. All ages and types of Russian negotiators their communication style is mainly culture-specific features. u0085 And would you be? Compared to the German corporate culture plays a much more important role in Russia the relationship aspect, and precedence communicative clarity clear at least entering the conversation. Even the first meeting for Russian business partner serves rather meet, aiming at ensuring a relationship of trust as the basis for a later successful Business relationship. The Germans are often impatient after the usual Small Talk and want to quickly get to the point”. That is by the Russians as a typical german “.

Do you have there specific recommendations? Bring patience and plenty of time. Just accept that they can cut off not five dates in Russia a day here run the business differently. “” Also when is your partner from your perspective, irrational “acts, stamp it is not equal to an uneducated” Russians, who is not familiar with Western negotiation strategies and techniques. You don’t know his situation and don’t know what decision-making instances sometimes indirectly to sit at the negotiating table. If you have concerns on proposals to your partner or even reject it, press it very tactfully and diplomatically from note a possible loss of face your business partner in any case! Direct criticism can cause more damage in this case than success. Don’t forget: the quality of the Relationship is a top priority! There is also no real separation between personal and business relationships. A German top manager who has worked many years in the Russian market for Allianz AG, once told me: A purely technical cooperation, as we know it in Germany (she may be not always good and bear fruit, but possible), is a very poor base in Russia and will be marked by misunderstandings and mistrust. Therefore you should take much time, to his relation to know to learn and to build a personal relationship.” In other words, invest more time, create confidence that later in faster processes and ultimately the success of your company pays off! Thank you, Elena, for the interesting interview.

Certainly, questions which are difficult to answer in so a short interview resulting from our readers. With your permission, I leave here your contact information for further inquiries. Interview participants: Dr. “” Elena Minakova Bambo intercultural consultant competence in Russia “Pirmater str. 17a DE-81375 Munich Tel.: 089 / 710 49 314 interviewer: Natalia Wittke Marketing Director agency online marketing Russia” always Kamp 10 DE-22159 Hamburg Tel.: 040 / 334 26 396 1 V. O. Klju? evskij. Sobranie so? inenij. V 9 tomach. (Collection of works in 9 volumes). Vol. 1 Moscow 1987 p. 65 2 after the Russian culture researchers E.W.. Popov 3 Yosefi T / Thomas A. professionally in Russia. Vandenhoeck & Ruprecht, 2003 p. 11