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Risk Management and Basel II: Time to Start Thinking About a Solution

By Lauren Bender
June 29, 2006

Over the last several years, governments around the world have been passing regulations to ensure the integrity of the global financial system. One such regulation is Basel II.

The Basel II Accord is actually a set of concrete recommendations from the Bank for International Settlements, and its goal is to set global standards for capital adequacy and risk management practices for banks and other financial institutions. The recommendations are designed to ensure that financial institutions produce and report transparent, consistent, and auditable data that will allow them and others (such as regulators and investors) to address potential problems earlier than they have been able to do in the past.

In the United States, regulators have made compliance with Basel II compulsory for only the largest financial institutions; further, they have postponed the 2006 deadline for implementing Basel II by a year. However, there is substantial momentum in the marketplace that is driving many financial institutions to implement Basel II practices even before they are required to do so by regulators.

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