A well-founded risk management process is necessary to meet the Markets in Financial Instruments Directive (MiFID) suitability requirements. In the paper we describe how risk management can be tailored to the advisory process in private banking. And we show how private banks can become MiFID compliant by using goal-based financial planning and monitoring.

The general structure of the risk management process we propose closely follows the general literature in this fields. But our paper is the first description of how the different stages of this general risk management process can be applied to the advisory process in private banking.

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