Sox and Basel II - A double trouble for the listed banks. 343

  • Listed banks have to comply both with Sarbanes-Oxley Act and the Basel II Accord by Bank of International Settlements.
    Both the exercises can be quite expensive and both have to be completed within an almost same time frame.
    I would like to know how are the banks coping with this situation? Both the exercises need huge resources, especially if they would like to use the requirements to gain some kind of a competitive edge in the market.
    Are there any software solutions offering at least some common ground vis-a-vis these two regulatory requirements?

  • Hi,
    I would be interested to know more about Basel Act. I am working almost on a daily basis on SOXA.
    Do you know a web site where I could brief myself a bit?
    thanks a lot : 😉

  • Basel II is a new standard for the measurement of risks in banks, and for the allocation of capital to cover those risks. It is a Think-Tank for banking regulators. Issues guidance on best practice for banks Standards accepted worldwide.
    Sarbanes-Oxley and Basle II are part of a new wave of regulations mandating that the financial and corporate communities regularly assess their processes to ensure transparency and protect shareholder value.
    Basel II and SOX are really similar in that they require a common type of framework and governance model to be successful. They both need a group to manage policies around the effort, define the risk and approach, perform training, quality assurance, action plan tracking, issue analysis, testing and management reporting. For both it is needed a comprehensive and holistic self-assessment that feeds all the necessary regulatory reporting requirements. In fact, SOX (404) is a subset of the businesses self-assessment that could be required for the Basel II.

    You must visit the following web sites:

    1. Go to the page and download the pdfs.
    2. .

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