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FSA issues guidance on Basel 2 work

The Financial Services Authority has published guidance for banks on one of the biggest compliance projects for IT departments,...

The Financial Services Authority has published guidance for banks on one of the biggest compliance projects for IT departments, the forthcoming Basel 2 code on risk management.

The consultation paper, published last week, outlines the UK implementation of the Capital Requirements Directive, which will introduce the requirements of the Basel 2 code on risk management.

Basel 2, due to come into force in 2007, requires firms to better assess and manage the risks they face. It will necessitate wide-ranging changes to IT systems across subsidiaries worldwide.

The paper refers to a 2004 FSA survey in which financial firms said they needed more work in areas including IT systems and "database integrity" to comply with Basel 2 rules.

A second consultation paper later this year will outline the costs and benefits banks face in compliance with Basel 2.

www.fsa.gov.uk/pubs/cp/05_03

Bank invests heavily in compliance >>

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