Glossary — Consulting procurement, regulation, process.
Definitions of the key terms around consulting procurement, regulatory frameworks and the RFP process. Each definition stands on its own.
Consulting procurement
Consulting marketplace
A consulting marketplace is a platform or company that connects clients with suitable consulting, IT or engineering firms — typically including pre-qualification, contracting and billing.
Read definitionConsulting Marketplace
A consulting marketplace is a digital platform where companies publish consulting requirements and matching consultancies submit offers — usually with standardised day rates and pre-qualified providers.
Read definitionDay rate
The day rate is the price a consultancy charges per consultant day. In Germany, senior day rates typically range from €1,400 to €2,400, mid-level from €1,000 to €1,600 and junior from €600 to €1,000 — depending on the consultancy's brand, the industry and the type of project.
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Law & regulation
BaFin
BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is the German supervisory authority for banks, insurers, securities trading and payment services — based in Bonn and Frankfurt am Main, founded in 2002.
Read definitionMaRisk
MaRisk (Mindestanforderungen an das Risikomanagement) is a BaFin circular setting out the requirements for internal risk management at German banks and financial services providers — binding in substance since 2005, with regular amendments.
Read definitionBAIT
BAIT (Bankaufsichtliche Anforderungen an die IT) is a BaFin circular from 2017 (amended in 2021 and 2024) that specifies IT requirements for banks and financial services providers — complementing MaRisk AT 7.
Read definitionDORA
DORA (Digital Operational Resilience Act) is an EU regulation that has applied to financial entities in the EU since January 2025. It governs digital operational resilience — IT risk management, incident reporting, penetration testing and third-party risk — and complements national frameworks such as MaRisk and BAIT.
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