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Banks & Insurances

The financial industry plays a particularly important role in today's globally oriented economy. As a result, it is subject to special rules and regulations. In direct consequence of the recent financial and economic crisis, the banking sector in particular now faces a wide range of new regulatory requirements.


One of the many regulatory developments concerns the design and transparency of compensation for top managers and risk takers in banks and other financial institutions. Increasingly, national legislators and supervisory authorities have surrendered their leading role here to European and other international bodies.


For financial institutions based in Germany the specific requirements with regard to compensation are mainly outlined in the German Banking Act (Kreditwesengesetz) and the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung). Separate legislation applies to investment companies and insurance firms, for example the Ordinance on the Supervisory Requirements for Remuneration Systems in the Insurance Sector (Versicherungsvergütungsverordnung).


Not surprisingly, compensation has been top of the agenda for HR departments at banks and other financial institutions in recent years. At the same time, they still need to address other strategic HR issues in performance and talent management and the design of the HR function itself. The solutions they offer must be appropriate and company-specific.


Today's HR solutions in the area of compensation and performance management cannot function in isolation, separate from the financial and risk-related strategic framework of the institution in question.


At hkp/// group, we draw on many years of experience in the banking sector. We offer comprehensive expertise in designing and implementing compensation and other HR instruments in financial institutions, both in Germany and abroad. We know the requirements with regard to the supervision of financial institutions – indeed, in some cases our experts advised the bodies that drew up the relevant legislation. We also understand the specific implications for companies in different countries.

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