Resources for Basel II Capital Accord (Basel II)

Banks need to standardise processes for Basel II - Survey

www.dailynews.lk

A recent survey conducted by i-flex Solutions, a provider of IT solutions to the global financial services industry found that local banking professionals believe they need to upgrade their technology infrastructure to meet compliance requirements related to Know Your Customers (KYC), Anti Money Laundering (AML) and meet the stipulations of the Basel II two accord.

The survey found that local bankers felt that the top two challenges they faced were internal to the bank- the need to standardise processes and the availability of professionals with required skills to do so.

Nearly 50 per cent of the respondents who participated in the survey representing the local banking sector viewed the creation of better risk management capability and risk management standards as the most important factor influencing their decision to upgrade or implement new risk and compliance initiatives.

The survey also found that a majority of the respondents want to adopt an integrated or at least a partially integrated, approach as part of their risk and compliance roadmap.

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