Basel II accord makes op risk software this year’s hot topic

The sophistication of analytical software for managing operational risk will increase dramatically over the next year. Such was the message delivered by Charles Smithson, managing partner of financial consultants Ritter Associates, to the annual risk conference organised by Canadian software firm Algorithmics in May.

Smithson and other speakers agreed op risk has become one of the hot topics in the software industry, with the help of the Basel II banking accord.

Basel II sets out new rules on how much capital large international banks will have to set aside to guard against the risks of the banking business from 2004. For the first time, banks will have to reserve capital against the risk of loss from operational hazards such as fraud, technology failure and trade settlement errors.

Adam Markson, senior

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