Banks can benefit enormously from understanding the various stages of the Basel II compliance program, as identified by i-flex. Banks today are discovering problems as they stumble along the path to compliance. However, if they can benchmark themselves on which stage they fall in along the continuum, and buckle themselves for the challenges that lie ahead, they will have greater success towards Basel II compliance, and enjoy the benefits of maintaining reduced capital.
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Strategic cost reduction has been a focus area for financial institutions (FIs), with outsourcing emerging as a very attractive option lately. But outsourcing is fraught with risks. This article examines risks associated with outsourcing and offers perspectives on managing these risks.
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Successful enterprise-wide integration strategies for financial institutions (FI) use a holistic approach that formulates a multipronged strategy. This strategy must encompasses a number of individual integration strategies covering data, application systems, and channels. This will help FIs address challenges, remain flexible, and gain a crucial edge over competition in the process.
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The current focus in operational risk management is on enterprise-wide data capture across loss events, key risk indicators and self-assessments, with follow-up actions based on triggers. A system should satisfy regulatory requirements, such as Basel II and the US Sarbanes Oxley Act, and be built in a manner that minimizes the impact of changing business management functionality.
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Banks endeavoring to comply with Basel II, which requires banks to commensurate their capital with underlying risk, can use the framework for strategic decisions, such as appropriate capital allocation, for various lines of business, risk-based pricing, and employee compensation. Basel II gives banks an opportunity to have a single system that can be used for compliance as well as risk management.
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