Banks 'must take action before Basel III changes'

7 November 2011

Banks must begin to act sooner rather than later in preparing for the full implementation of the Basel III agreement.

That is according to Rohan Douglas - founder and chief executive of Quantifi, a firm that provides analytics and risk management services - who believes financiers should be more proactive in their stance towards this regulatory change.

Speaking to online resource E Financial News, Mr Douglas explained that a lot of banks have not yet begun the process of altering their operations sufficiently, particularly those not in the group of major lenders.

"Outside the top tier there is a big gap and most still have a lot to do. They haven't appreciated the full complexity of this issue and how long it will take," he noted.

Rules relating to Basel III are to be changed in order to set stricter guidelines for financiers to follow in the aftermath of the recession.

By Asim Shah

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