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Lessons Learned: Sarbanes-Oxley to Basel II

Lessons Learned: Sarbanes-Oxley to Basel II

by Rick Turoczy on August 23, 2006

Twin compliance is a widespread issue, as is whether these two operational mandates are in conflict. Although both require a common framework and governance model, Sarbanes-Oxley applies to all US public corporations, while Basel II covers financial institutions in over 100 countries. Sarbanes-Oxley aims to restore investor confidence by addressing issues such as financial reporting and conflicts of interest. Under Basel II, financial institutions must manage operational risk in order to reduce capital reserves.

In effect, Sarbanes-Oxley and Basel II are complimentary, not competitive mandates.

Lessons Learned: Sarbanes-Oxley to Basel II

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