Basel's risk definitions open to interpretation in common-law countries

Common sense

Janet Terblanche at the South African Reserve Bank

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The Basel Committee states that legal and compliance may be separate departments in a bank. The legal department may be responsible for advising management on compliance with laws, rules and standards, and for preparing guidance to staff, while the compliance department may be responsible for monitoring compliance with policies and procedures, and reporting to management. Basel distinguishes legal liability (judgements, settlements and other legal cost

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