When it comes to implementing Basel II compliance technologies, financial institutions' progress is all over the map, according to "Risk Management and Basel II: Comparing the Financial & Credit Risk Vendors," a new research and vendor ranking report from Celent. Still, there are notable trends emerging based on geography, the study notes.
Europe is leading the race to comply, with the Netherlands and Nordic countries furthest along in Basel II preparation, Celent reports. Southern European states and smaller financial institutions in the U.K. also have gained momentum in their efforts. Banks in the Middle East, particularly Saudi Arabian institutions, have been committing to Basel II vendors and beginning their implementations. Singapore and Australia are far along, according to Celent, whereas Indian banks have yet to make major financial commitments to Basel II compliance.
U.S. progress has been slowed due to uncertainty about the format and deadline of Basel II, but many businesses are putting in place the necessary groundwork, the report continues. American organizations are feeling the pressure to remain competitive in the global marketplace and, as a result, are leveraging their Basel II investments in non-U.S. subsidiaries, Celent adds. <<<