A risk assessment in banks is a systematic process for identifying, evaluating and minimising risks affecting operations, IT infrastructure, physical security and employees. It is a statutory requirement and serves to ensure legal compliance as well as protection against financial, operational and reputational damage.

Strategic risk minimisation through sound analysis and planning

A comprehensive risk assessment is not only a legal obligation but a decisive instrument for proactive risk mitigation and for protecting employees, customers and assets.

Key Takeaways

  • A risk assessment in banks is a statutory requirement and a strategic instrument for risk minimisation that goes beyond pure occupational health and safety, covering IT and physical security too.
  • Compliance with MaRisk, BAIT, the Occupational Health and Safety Act (ArbSchG) and specific standards such as DIN 14675 and VdS 2095 is essential for financial institutions, to ensure legal compliance and avoid reputational damage.
  • Independent planning and consulting, as offered by PLANATEL®, ensures an objective, manufacturer-neutral and forward-looking risk assessment optimally tailored to the bank's individual needs.

The financial sector is characterised by high dynamism, complex regulatory frameworks and diverse threat scenarios. From cyberattacks to technical failures to physical security risks, the potential dangers facing banks are wide-ranging. In this environment, a well-founded risk assessment is not only a legal necessity but a strategic instrument for safeguarding operational capability and trust. It allows financial institutions to proactively identify vulnerabilities and implement targeted measures to counter risks effectively. PLANATEL® has supported banks and financial service providers as an independent partner since 1992, helping them master these complex requirements and develop tailored security and IT concepts.

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Carrying out a risk assessment is firmly established for financial institutions in Germany through various laws and regulations. The Occupational Health and Safety Act (ArbSchG) forms the central pillar, obliging employers to assess the hazards associated with work and to take appropriate protective measures. It covers not only obvious physical risks but also psychological strain and hazards arising from the working environment and the work equipment used. In addition, the Ordinance on Industrial Safety and Health (BetrSichV) sets out more detailed requirements for the safe provision and use of work equipment, which in banks ranges from IT infrastructure to ATMs.

Beyond this, specific supervisory requirements from the Federal Financial Supervisory Authority (BaFin) are of decisive importance for banks. The Minimum Requirements for Risk Management (MaRisk), in particular AT 7.2, require institutions to implement a comprehensive risk management system that also covers operational risks, including IT risks and security risks. The Supervisory Requirements for IT in Financial Institutions (BAIT) spell out these requirements for the field of information technology, calling for a systematic analysis and assessment of IT risks. This includes identifying vulnerabilities in systems, processes and applications that could lead to data loss, system failures or unauthorised access. A risk assessment in banks must therefore always integrate these multi-layered legal and regulatory requirements, to ensure comprehensive legal compliance and avoid potential sanctions. PLANATEL® supports you in translating these complex requirements into practice-oriented planning.

Specific risk areas in banks: physical security systems

Physical security in banks is an essential element of the risk assessment and covers the protection of buildings, employees, customers and assets against external and internal threats. The risk areas are diverse, ranging from burglary and theft to vandalism and acts of sabotage. A comprehensive risk assessment therefore analyses the effectiveness and need for various security systems.

These include fire alarm systems (BMA), which must be planned in accordance with DIN 14675 and VdS 2095 and installed by certified installer firms, to detect fires early and initiate evacuation measures. The assessment covers the correct placement of detectors, the reliability of the alarm chains, and integration into an overarching security management system. Intrusion detection systems (EMA) are crucial for detecting unauthorised entry and triggering the appropriate response. Various detection methods and alarm routing paths are assessed here. Video surveillance systems serve preventive deterrence, the investigation of incidents, and the monitoring of critical areas. The assessment focuses on coverage, image quality, retention period, and compliance with data protection requirements. Access control systems govern access to sensitive areas and must be tailored to the bank's specific security requirements, to prevent unauthorised access and make movements traceable. Integrating these systems into a coherent security concept is essential, to avoid redundancies and achieve maximum protective effect. PLANATEL® plans these systems on a manufacturer-neutral basis, ensuring they are optimally matched to your financial institution's individual needs.

Specific risk areas in banks: IT and telecommunications infrastructure

The IT and telecommunications infrastructure forms the backbone of modern banking operations and is at the same time a primary target for attacks and disruptions. The risk assessment in this area must therefore be particularly detailed and cover all aspects of information security. Under the BAIT requirements, banks are obliged to identify and assess risks relating to the availability, integrity, confidentiality and authenticity of their data and systems.

Critical risk areas include cybersecurity threats such as ransomware, phishing, DDoS attacks and advanced persistent threats (APTs), which can paralyse business operations or compromise sensitive customer data. The assessment here covers analysing existing protective mechanisms such as firewalls, intrusion detection/prevention systems, antivirus solutions, and security information and event management (SIEM) systems. Equally important is assessing data integrity and availability, including backup and recovery strategies as well as contingency and business-continuity plans. The failure of central systems can lead to substantial financial losses and reputational damage. The telecommunications infrastructure, from telephony through unified communications to FTTx network concepts, must also be examined for its resilience and robustness against disruptions and attacks. This includes analysing redundancies, encryption mechanisms, and the security of end devices. PLANATEL® offers manufacturer-neutral planning and optimisation here, to ensure a robust and secure IT and telecommunications landscape that withstands current threats and meets BaFin's requirements.

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The risk assessment process: steps and methodology

Carrying out a risk assessment at a financial institution follows a structured, multi-stage process, to ensure a systematic and comprehensive analysis. This process is crucial for capturing all relevant risks and developing effective countermeasures. The methodology follows established standards and guidelines, such as those recommended by the DGUV (German Social Accident Insurance) or within the framework of risk management under MaRisk.

The first steps involve defining the scope of the assessment and gathering relevant information. This includes analysing workflows, technologies in use, existing security concepts, and the organisational structure. Hazard identification follows, in which potential sources of hazard are identified. This identification can be done through site inspections, employee surveys, checklists, and analysis of incident reports. In the third step, risk evaluation, the likelihood of a hazard occurring and the extent of possible harm are estimated. Risk matrices are often used here, allowing risks to be classified. Based on this evaluation, risk-mitigation measures are defined in the fourth step. These can be technical, organisational or personnel-related in nature, for example implementing new security systems, adjusting processes, or training employees. Implementation and monitoring of the measures, along with their documentation, form the final steps. Regular review and adjustment of the risk assessment is essential, to respond to new risks and changing conditions. PLANATEL® accompanies you through this entire process, from the as-is survey to the review of results, and ensures that all steps are carried out on a sound methodological basis and in a legally compliant manner.

The role of independent consulting in risk assessment

The complexity and far-reaching implications of a risk assessment at financial institutions often make involving external, independent experts essential. Internal teams can be limited by organisational blind spots or may lack the specialised expertise to comprehensively assess every facet of the risk landscape. Independent consulting, as PLANATEL® has offered for more than 34 years, ensures an objective and unbiased analysis.

The main advantage lies in manufacturer independence and financial independence. PLANATEL® receives no commissions from manufacturers or installers, which ensures that the recommended solutions serve solely the customer's best interests and are optimally tailored to their specific requirements. This prevents manufacturer dependency and enables the selection of the technologically and economically most sensible systems. External consultants also bring broad market insight and experience from comparable projects, which is often not available internally. They know the latest technologies, best practices and regulatory developments and can bring this expertise specifically into the risk assessment. This is particularly relevant when planning complex systems such as fire alarm systems to DIN 14675, intrusion detection systems, or integrated security management systems, where compliance with specific standards and guidelines is decisive. By working with PLANATEL®, banks can ensure that their risk assessment is not only legally compliant but also leads to a sustained improvement of their security and IT infrastructure, without incurring unnecessary costs or risks.

Challenges and common mistakes in implementation

Although the need for a risk assessment is beyond dispute, financial institutions often face considerable challenges in its implementation and frequently make avoidable mistakes. One of the biggest hurdles is the complexity of the IT landscape and the rapid development of new technologies. Integrating heterogeneous systems and ensuring the compatibility of various components requires in-depth expertise. A common mistake here is treating the risk assessment as a one-off project rather than establishing it as an ongoing process. The threat landscape, especially in the cyber domain, is constantly evolving, and static assessments quickly become obsolete.

Another critical point is the inadequate involvement of all relevant stakeholders. A risk assessment is not a task solely for the IT or security department but requires collaboration between management, specialist departments, the works council, and external experts. If this is neglected, important risk areas can be overlooked, or acceptance of the implemented measures can be impaired. Inadequate documentation is also a significant problem. Incomplete or hard-to-follow documentation not only makes the assessment difficult to trace but can also lead to complaints during audits by supervisory authorities. In addition, a common mistake is focusing exclusively on meeting the minimum requirements rather than pursuing a risk-based, forward-looking strategy. PLANATEL® helps banks avoid these pitfalls by pursuing a holistic approach, involving all relevant parties, and ensuring transparent, comprehensive documentation that goes beyond the pure minimum requirements.

Continuous review and adjustment of the risk assessment

A risk assessment is not a static document but a living process that requires regular review and adjustment. Conditions in the financial sector are constantly changing: new technologies are introduced, business processes evolve, regulatory requirements are updated, and the threat landscape continually shifts. A static assessment would quickly lose its effectiveness and expose the financial institution to unnecessary risk. Establishing a continuous review cycle is therefore of decisive importance.

This cycle should provide for fixed intervals for reassessment, for example annually or in the event of significant changes. Triggers for an unscheduled adjustment include, among others, the introduction of new IT systems or applications, the restructuring of departments, changes to workflows, the occurrence of security incidents, or the publication of new BaFin circulars such as updated versions of MaRisk or BAIT. During the review, the effectiveness of the measures already implemented is assessed, new or changed hazards are identified, and the risk evaluation is updated. The review can include conducting fresh site inspections, analysing incident statistics, and considering current threat analyses. The results of the review then feed into adjusting the measures and updating the documentation. PLANATEL® supports banks in establishing such dynamic processes and implementing systems that enable an efficient and effective continuous review of the risk assessment, to ensure a consistently high level of security and to secure legal compliance.

Integrating risk assessment into a holistic security concept

A risk assessment only reaches its full effect once it is understood and implemented as an integral part of a comprehensive, holistic security concept. For financial institutions, this means that the results of the assessment must not be considered in isolation but must feed systematically into all relevant areas of corporate security. Such a concept covers the strategic direction, organisational anchoring, and technical implementation of protective measures across all levels.

The findings from the risk assessment form the basis for developing and optimising security and building protection concepts. They inform the need for specific security systems such as fire alarm systems, intrusion detection systems, video surveillance and access control systems, and their optimal networking. They likewise feed into the design of security management systems and building management technology, to enable central control and monitoring of all security-relevant functions. At the organisational level, the risk assessment influences the creation of contingency plans, crisis management strategies, and the delivery of employee training. Technically, it helps in planning redundant systems, uninterruptible power supplies (UPS), and standby power systems, to ensure the resilience of critical infrastructure. A holistic security concept based on a well-founded risk assessment enables banks to exploit synergies, avoid redundancies, and build a coherent shield of protection against the many threats they face. PLANATEL® is your experienced partner in developing and implementing such integrated concepts, which go beyond pure system planning to establish a sustainable security strategy for your financial institution.

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PLANATEL®: Independent planning and consulting since 1992
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Frequently asked questions

Why is a risk assessment for banks so multi-layered?

The multi-layered nature of a risk assessment for banks arises from the combination of general occupational health and safety requirements and specific supervisory requirements. Banks must not only ensure the safety and health of their employees but also secure the integrity of their highly sensitive data, the availability of their critical IT systems, and the protection of their physical assets. This requires a comprehensive review of physical, IT-related, organisational and procedural risks, all of which must be brought into line with MaRisk, BAIT and the Occupational Health and Safety Act. Complexity is further increased by the constant advancement of technologies and threat scenarios.

How can PLANATEL® support banks with the risk assessment?

PLANATEL® provides comprehensive support to banks as an independent planning and consulting provider for the risk assessment. We start with a detailed as-is survey and needs analysis, to identify all relevant risk areas. We then develop manufacturer-neutral target concepts and detailed plans for necessary security systems such as fire alarm systems, intrusion detection systems, video surveillance and access control, as well as for optimising the IT and telecommunications infrastructure. Our expertise ensures that all plans are legally compliant and meet the requirements of BaFin, VdS and DIN. We accompany the entire process through to acceptance and invoice review, to ensure optimal, cost-efficient implementation.

What role does documentation play in the risk assessment?

Documentation is a critical part of the risk assessment. It not only serves as proof of legal compliance to supervisory authorities and auditors but also ensures internal traceability of the entire process. Complete documentation covers the results of the hazard identification, the risk evaluation, the defined measures, their implementation, and the results of the effectiveness review. It is essential for the continuous review and adjustment of the assessment and ensures that all parties involved are always informed of the current status. Inadequate documentation can lead to significant complaints during audits.

How does digitalisation affect the risk assessment in banks?

Advancing digitalisation has significantly changed and increased the complexity of the risk assessment in banks. With the growth of digital processes, online banking and cloud services, cyber risks also increase exponentially. The assessment must now increasingly take into account aspects such as data security and protection against ransomware, phishing and DDoS attacks. At the same time, digitalisation also enables new security solutions, such as intelligent video analytics or biometric access control, whose risks and potential must likewise be assessed. Integrating IT and physical security becomes even more important through digitalisation, to ensure a coherent protection concept.

What does manufacturer independence mean in the context of the risk assessment?

Manufacturer independence means that planning and consulting for the risk assessment take place without ties to particular product vendors or manufacturers. PLANATEL®, as an independent consulting company, receives no commissions or benefits from manufacturers. This ensures that the recommended solutions and systems are selected objectively, based on the actual requirements, performance, and cost-effectiveness for the financial institution. Manufacturer-neutral consulting avoids manufacturer dependency and enables the implementation of the optimal technical solution, one that delivers the best results over the long term and protects investments.

Who is responsible for carrying out the risk assessment at a bank?

Overall responsibility for carrying out the risk assessment lies with the bank's management or executive board. The concrete implementation can be delegated to occupational safety specialists, security officers, IT security officers, or external consultants, though ultimate responsibility always remains with management.

What role does BAIT play in the risk assessment at banks?

The Supervisory Requirements for IT in Financial Institutions (BAIT) spell out MaRisk for the IT domain and require a systematic analysis and assessment of IT risks. They are decisive for the risk assessment of the IT infrastructure, applications and processes, to ensure information security.

Must a risk assessment be updated regularly?

Yes, a risk assessment must be reviewed regularly and updated as needed. This is particularly required in the event of changes to working conditions, the introduction of new technologies, the occurrence of security incidents, or the adjustment of statutory and regulatory requirements, to maintain its effectiveness.

What types of risk are considered in a risk assessment at banks?

A risk assessment at banks considers a broad spectrum of risks. These include physical risks (e.g. burglary, fire), IT risks (e.g. cyberattacks, data loss, system failures), operational risks (e.g. process errors, staff shortages), as well as psychological strain in the workplace and risks arising from the work equipment used.

Sources and further information