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Prepare now to comply with Basel II

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How is your organization approaching Basel II? Is it concerned about compliance? How does your company approach risk management? Share your comments about the implications of Basel II, as discussed in the June 10 Financial Services IT e-newsletter.
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BASEL - Expense or investment?

by hoser81269 In reply to Prepare now to comply wit ...

I work at a large outsourcing company servicing a US bank owned and directed by a larger Canadian bank. Last year I sized a project for compliance with BASEL in the area of domestic and international wire transfers. Although this was to be a short term project (about six person-weeks) the cost was deemed too great and the effort was abandoned. One would expect more of a commitment to the common sense methods extolled by BASEL - particularly as finances are coming to be scrutinized more closely these days - but competition to the smallest dollar, reducing costs to the last penny, and milking the cash cow to its last breath seem to be the order of the day. From an IT perspective it is disappointing to know all the information is readily and easily available at the point of origin and all that needs to be done is to collect it in a timely manner and present it usefully - a relatively minor effort.

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