Situation

GRM experts played a key role in a central IT working group of a German supervisory authority, helping to shape the country’s first regulatory requirements for IT systems of in financial institutions.

Complication

The introduction of the first NIS Directive (NIS1) and PSD2’s strong customer authentication (SCA) requirements imposed complex regulatory and technical challenges on financial institutions.

Solution

GRM experts contributed to the development of the NIS1 directive on behalf of the European Commission and to drafting the Regulatory Technical Standards (RTS) for SCA under PSD2 on behalf of Germany - helping to enhance IT security, establish payment standards, and promote regulatory coherence across Europe.