The Basel Committee on Banking Supervision is an arm of the Switzerland-based Bank for International Settlements, which has defined the Basel II capital adequacy requirements for global banks. One of the Committee's principal goals is to reduce risk in the financial system worldwide by aligning each bankâs capital requirements to more accurately reflect its own credit, market and operational risks.
"Banks are left with little choice but to adopt analytics that enable compliance with the Basel II capital adequacy requirements," commented Guillermo Kopp of TowerGroup, a leading research firm. "Basel II is driving a greater degree of convergence between banksâ finance and risk departments to achieve a more unified understanding of risk. However, banks will face ongoing challenges to stay current with the ever-changing Basel approaches in different jurisdictions and must therefore invest in flexible software solutions that address all of the above issues."
BMO is planning an accelerated implementation of the Reveleus Basel II Solution at its Canadian offices, which will commence in the second quarter of 2005. BMO will implement Reveleus to satisfy its multi-jurisdictional Basel requirements in Canada, as well as internationally.
Speaking on the occasion, Wendy Lockyer - Senior Vice President, Basel and InSight Initiatives at BMO Financial Group, said, "We chose Reveleus because of the pre-built nature of the solution, the fit with BMOâs technology platform and Reveleusâ commitment to the evolution of the product to meet BMOâs ongoing needs and the Basel II marketplace."
Commenting on the win, S. Ramakrishnan - CEO of Reveleus, said, "We are excited to begin this new partnership with BMO by helping them strategically address their Basel II requirements, ensuring that they meet current needs while building for the future. We are confident that BMO will gain a significant Total Cost of Ownership advantage through the implementation of Reveleus as the single solution across all jurisdictions."