Basel II costs rising, says survey
A survey of banks in Europe and North America, sponsored by the consultancy firm Accenture, has found dwindling optimism and rising predicted costs for the implementation of Basel II, with the cost of compliance now estimated to be £2.5 billion for the UK alone.
Paul Cartwright, global head of risk and regulation at Accenture, says banks are starting to realise just how difficult the implementation process will be. He compares it with the last banking compliance project of similar scale – the effort to upgrade banks' IT systems in the late 1990s to avoid the Y2K bug.
"For Y2K, costs didn't change that much as the work went on. In fact, the cost came down as the work went on. Basel II is different," he says. "The start of the process, dealing with Pillar
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