Using FRSGlobal’s FinancialAnalytics, two thirds of major Canadian banks have reportedly set up data management and reporting applications to comply with the regulation and improve internal management.
With the implementation date for Basel II in Canada set at November 1, 2007, this year saw crucial work undertaken in developing systems and processes to ensure that banks were prepared to take on Basel Capital Adequacy Reporting (BCAR). The implementation involved reworking and replacement of legacy systems to create the necessary management of data needed to ensure accurate reporting and measurement of risk. In addition FRSGlobal saw a number of changes occurring to the regulation that required adaptation of the systems to match the Office of the Superintendent of Financial Institutions’ (OSFI) requirements.
David Coad, vice president of Americas, based in FRSGlobal’s Boston office, said: The task has not been straightforward as Basel II is interpreted differently across countries. We bring a wealth of experience from implementation in countries that have already adopted the accord, and have taken that work and adapted it to suit both the local legislation and the individual bank’s requirements. The work has not always been easy, with time pressure and regular change keeping the professionals at banks and FRSGlobal equally occupied.
