Resources for Basel II Capital Accord (Basel II)

Managing compliance with master data management

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Corporations are spending more time and money on regulatory compliance now than at any other time in recent history. In fact, the largest corporations spent an average of $4.6 million implementing Sarbanes Oxley (SOX) section 404 controls in their first year of implementation, and Forrester Research estimates the five year cost of Basel II implementation for the largest banks to be $150 million.

Recently, governmental and international regulatory bodies have been quick to introduce new rules and legislation in response to current business and geopolitical events; yet, slow to ratchet back these regulations as the environment stabilises. Within this ebb and flow of regulations, regulatory frameworks can take on a life of their own.

For instance, the Basel Committee – which first met in 1975 in response to the failure of Bankhaus Herstatt – remains active 30 years later and continues to evolve oversight on supervision, capital allocations and risk calculation through Basel II which is the standard for global financial institutions. Similarly, 11 September, 2001 motivated further changes in the financial sector with the USA Patriot Act making Anti-Money Laundering (AML) and Know Your Customer (KYC) common vocabulary in the financial services industry.

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