Abstract
Star rating: * * *1/2 In 1998, the Basel Committee on Banking Supervision's (BCBS) FrameworkforInternal Control Systems in Banking Organizations set out to challenge the Zeitgeist of risk management within and beyond its member countries (Belgium, Canada, France, Germany, Italy, Japan, Luxembourg, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom and the United States). Arising from its 1988 Basel Capital Accord, which offered a credit risk measurement framework, subsequent formulations and consultations of the Committee have widened the ambit of risk management to include operational/business process risks. The new Basel Capital Accord ('Basel II') is due to be completed by mid-2004, after which implementation will be undertaken, to be completed by the end of 2006. Among the key developments of the Framework is the further realignment of risk management to the board room, whereby directors will be responsible not only for the identification, measurement, monitoring and control of risk, but also for the development of processes to augment continuous improvement in risk management at a strategic level within banking organisations.
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