Basel II New Accord

Basel II New Accord - This is a set of banking standards, which will regulate finance and banking for countries in the European Union. The Basel Committee on Banking Supervision is tasked with the goal to complete the New Accord by mid-year 2004, with implementation to take effect in member countries by year-end 2006. To that end, work already has begun in a number of countries on draft rules that would integrate Basel capital standards with national capital regimes. Basel II is focused specifically on global banks and financial institutions and ensures liquidity of those institutions for the protection of public trust.

[Category=Information Management ]

Source: Information-Management.com, 31 May 2010 12:47:48, http://www.information-management.com/glossary/b.html

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Basel II - The Basel Capital Accord (Basel II) is an effort by international banking supervisors to update the original international bank capital accord (Basel I), which has been in effect since 1988. The accords provide large, internationally active banking organizations a uniform approach to risk-management practices.

Basel II applies to global financial services organizations, specifically internationally active banks. In the U.S., agencies responsible for Basel II include the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS), which make up the Federal Financial Institutions Examination Council (FFIEC). The applicable framework for information security in order to meet Basel II in the U.S. is the "FFIEC Information Security Booklet (2003)". Requirements that can be addressed by security technologies include (from the security controls implementation section of FFIEC): access rights administration, authentication, network access, operating system access, application access, remote access, logging and data collection.

[Category=Data Security ]

Source: RSA, 10 August 2011 12:43:43, http://www.rsa.com/glossary/