MiFID II / MiFIR for Risk Managers
What does MiFID II / MiFIR require of a Risk Manager?
The Markets in Financial Instruments Directive II (Directive 2014/65/EU) and the Markets in Financial Instruments Regulation (Regulation EU No 600/2014) constitute the EU's comprehensive framework for financial markets. Under MiFID II / MiFIR, which defines 8 controls, a Risk Manager's work is deciding which controls you own outright, which you share and which belong to another team, then holding the evidence for the first group.
Which MiFID II / MiFIR controls land on the Risk Manager
Risk Managers identify, assess, and prioritise organisational risks. They build risk registers, conduct risk assessments, define risk appetite, and ensure that compliance frameworks address the most material threats to the organisation.
MiFID II / MiFIR defines 8 controls across 8 domains that directly affect the Risk Manager role. Understanding which controls fall within your ownership, which are shared, and which are owned by other teams is the foundation of effective compliance management.
What a Risk Manager is accountable for under MiFID II / MiFIR
Conducting enterprise risk assessments and maintaining the risk register
Defining risk appetite and tolerance levels with executive leadership
Mapping compliance controls to identified risks for coverage analysis
Monitoring key risk indicators (KRIs) and escalating emerging threats
Integrating compliance, operational, and strategic risk management
Where Risk Managers lose time on MiFID II / MiFIR
These are the most common obstacles Risk Managers face when managing MiFID II / MiFIR compliance, and how to address them:
Challenge 1
Quantifying cyber risk in financial terms that resonate with executives
Challenge 2
Identifying gaps between compliance control coverage and actual risk exposure
Challenge 3
Integrating risk data from siloed tools and departments
Challenge 4
Keeping risk assessments current as the threat landscape evolves
Challenge 5
Prioritising remediation when resources are limited
A working order for a Risk Manager starting on MiFID II / MiFIR
1. Readiness Assessment
Take a 5-minute readiness assessment to identify your organisation's current gap profile against MiFID II / MiFIR. Get a prioritised action plan tailored to your specific situation.
2. Cross-Framework Mapping
Use our platform to map MiFID II / MiFIR controls against other frameworks you already comply with. MiFID II / MiFIR maps to 32 other frameworks in our database.
3. Build Your Toolkit
Equip yourself with MiFID II / MiFIR toolkits, self-assessments, and implementation guides from our store. Resources designed specifically for Risk Managers managing compliance programmes.
4. Continuous Monitoring
Establish ongoing compliance monitoring using our platform's gap analysis tools. Track your maturity over time and demonstrate progress to stakeholders.
MiFID II / MiFIR in your sector
Who else owns part of MiFID II / MiFIR
Questions Risk Managers ask about MiFID II / MiFIR
What does a Risk Manager need to know about MiFID II / MiFIR?
How does MiFID II / MiFIR affect the Risk Manager role?
What are the biggest MiFID II / MiFIR challenges for Risk Managers?
How should a Risk Manager prepare for a MiFID II / MiFIR audit?
What tools help Risk Managers manage MiFID II / MiFIR compliance?
Risk Manager: How ready is your organisation for MiFID II / MiFIR?
Answer 25 questions and get a professional readiness report with gap analysis, maturity scores, and prioritised action items. Results in 5 minutes.