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As a first step
to full implementation, it was suggested that an assessment
of the current situation of a country's compliance with the
Principles should take place. To assist the assessment
process, the Basel Committee developed a methodology for use
in compliance assessments. This document The Core Principles Methodology was publicly released. The
Committee saw the formulation of this document as an iterative process, with
refinements made as experience is gained. Developments of regulatory and
supervisory standards and procedures lead to additions and revisions.
Basel 2 will
affect all areas of a company challenging you to
- Secure and maintain board and senior management
sponsorship.
- Maintain and track the overall progress of programmes
affecting all business areas.
- Consider Basel 2 options and assess their business impact.
- Adopt and embed the new risk culture and processes.
- Upgrade or align IT systems for data consistency and
integrity across an organisation.
Business
benefits of implementing Basel 2 recommendations
- Reduces regulatory capital requirement to increase
capital efficiency.
- Improve credit risk and return profile.
- Reduce operational losses.
- Improve risk governance framework.
- Improve data management.
- Achieve better credit rating-increasing shareholder value.
- Improve brand and enhance company reputation.
ITrust Can
- Help define the technology frameworks and architectures
needed to support your business objectives.
- Improve overall IT performance.
- Provide Basel 2 diagnostics and planning.
- Provide an independent assessment of the progress of your
current programmes.
- Produce a prioritised action plan tailored to suit your
companies state of readiness as defined by our assessment.
- Budgets will be allocated and tracked.
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