Basel II has been established as a framework by the Basel Committee on Banking Supervision to encourage the use of best practice risk management as a means of compliance. The Basel Framework is based on three “Pillars”:
Minimum Capital Requirements
Supervisory Review Process
Market Discipline
Operation risks and internal controls are involved in all three pillars of the Basel II framework. IT relevant definitions included within the Basel Framework are:
Policy Management
System Administration
Vulnerability Management
Patch Management
Access Control & Authentication
Documentation & Reporting
Backup & Disaster Recovery
Internal Audits
The Basel Framework does not include technical definitions. It refers to best practices from other standards such as CoBIT, ITIL and the ISO 17799.
Basel Background
The first Basel Accord was published in 1988. It introduced a simple risk-based approach. The New Accord is referred to as Basel II is intended to emphasize stronger risk management.
Basel II is recognized as an international standard and has been implemented in over 100 countries.
Basel II is an important framework in the European Union. ecfirst.com can help you with your Basel II challenges and priorities. ecfirst.com solutions help organizations implement the security controls established in Basel II and its associated best practice frameworks. Call Lorna Waggoner and ask her about the ecfirst.com BizShield™ framework and how it may be applied for regulatory compliance initiatives. She can be reached at 1.877.899.9974 x17. Talk to us to learn more about our Basel II compliance solutions.
