The Bank for International Settlements (BIS) was established in 1930 and is owned by 60 central banks, representing countries from around the world. The BIS mission is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks. Its head office is in Basel, Switzerland and it has two representative offices located in Hong Kong SAR and Mexico City.
The BIS hosts nine international organizations engaged in standards setting and the pursuit of financial stability through the Basel Process, including the Basel Committee on Banking Supervision (BCBS). The Basel Committee on Banking Supervision develops global regulatory standards for banks and seeks to strengthen micro and macroprudential supervision.
Archer offers two Basel Committee on Banking Supervision Authoritative Sources: Basel II and the Basel Core Principles for Effective Banking Supervision.
Basel II
Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The efforts of the Basel Committee on Banking Supervision to revise the standards governing the capital adequacy of internationally active banks achieved a critical milestone in the publication of the Basel II text in June 2004.
Basel II intended to amend international banking standards that controlled how much capital banks were required to hold to guard against the financial and operational risks banks face. These regulations aimed to ensure that the more significant the risk a bank is exposed to, the greater the amount of capital the bank needs to hold to safeguard its solvency and overall economic stability.
The Archer Basel II Authoritative Source contains two documents:
- Basel II – Sound Practices for Operational Risk Management: The paper Sound Practices for the Management and Supervision of Operational Risk outlines a set of principles that provide a framework for the effective management and supervision of operational risk, for use by banks and supervisory authorities when evaluating operational risk management policies and practices. Updated: August 2019 to include the most current version from June 2011 release containing Basel II: Principles for the Sound Management of Operational Risk.
- COBIT for BASEL II -- IT Control Objectives for Basel II provides a framework for managing operational and information risk in the context of Basel II. This module is based on the COBIT control objectives as published by the IT Governance Institute and addresses three operational and information risk target groups information risk managers, IT practitioners and financial services experts. In applying the framework presented in this publication, financial services organizations are able to apply recognized processes and controls to the IT space.
Basel Core Principles for Effective Banking Supervision
The Basel Core Principles for Effective Banking Supervision are the de facto minimum standard for sound prudential regulation and supervision of banks and banking systems. Originally issued by the Basel Committee on Banking Supervision in 1997, they are used by countries as a benchmark for assessing the quality of their supervisory systems and for identifying future work to achieve a baseline level of sound supervisory practices.
The Core Principles are used by the International Monetary Fund (IMF) and the World Bank, in the context of the Financial Sector Assessment Programme (FSAP), to assess the effectiveness of countries’ banking supervisory systems and practices.
Languages
The Basel II and Basel Core Principles for Effective Banking Supervision content is available in English only.
Mappings
Mappings for Basel II and Basel Core Principles for Effective Banking Supervision to the Archer Control Standard Library are available in the authoritative source content packs.
Content Source
The source of this content comes from the Bank for International Settlements Basel II and Core Principles for Banking Supervision documentation.
Licensing Restrictions
The Basel Committee on Banking Supervision authoritative source content is available with the use of the Archer Policy Program Management, Archer IT Policy Program Management, and/or Archer Authorization and Assessment use cases. No additional license is required.
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