Basel II praised for ERM framework

The new Basel Accord (Basel II) provides the most comprehensive enterprise-wide risk management (ERM) framework for banks because it provides for operational risk management that goes far beyond compliance, says Virginia Garcia, senior analyst at Towergroup, a business research firm based in Needham, Massachusetts.

In a study, The avant-garde of enterprise risk management in financial services: from vision to value conducted in July, Garcia said adopting an integrated risk management framework based on Basel II was a prerequisite for any business to drive the corresponding ERM improvements.

Basel II was a sustainable and comprehensive framework of best practices that links virtually all risk types with the most popular business strategies for diverse product lines, and it is flexible enough to

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