Peach, a UK-based compliance, risk and change management company, has released a unique Total Risk-Weighted Assets & Min. Capital Requirements Workflow (TRWA-MCRW) application for Basel II compliance and risk assessment requirements.
The application operates in conjunction with a certification scheme for software application vendors, service providers, banks and financial institutions. This framework will considerably help these entities with their Basel II compliance, governance and risk management challenges and avoid costly penalties.
Peach links its unique compliance maps and audit checklist templates with the above process framework in order to integrate specific workflows into any Basel II rulebook and compliance systems regardless of type and vendor.
Basel II is an international Accord that requires banks and financial firms to have a more rigorous risk sensitive framework for the assessment of risks and capital requirements, to ensure that insurers can meet their obligations. Accordingly, Basel II process workflows are affected by and affect Sarbanes-Oxley Act, MiFID, Solvency II Accord, Asset & Liability Management, Anti-Money Laundering, and other related frameworks.
Instead of working in a silo, Peach applications help auditors, compliance officers, banks, financial institutions and service providers to cross reference Basel II to the other relevant frameworks for overlaps.
Peach enables such corporate entities integration of Basel II with other self-attestation audit questionnaire checklists and processes to avoid costly duplication or triplication of information and implementation costs.