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Capital standards for global banks recently recommended by Basel Committee on Banking Supervision are important, but it’s important to remember that these reform efforts are not about managing by numbers.
The reform measures known as Basel III, which the committee adopted in June, are aimed at giving banks guidance on how they can improve their corporate governance, industry consultant Mayra Rodriguez Valladares said. She’s managing principal with MRV Associates, a New York based capital markets and financial regulatory consulting firm.
Attention must be paid to the role of auditors and others within banks who need to prepare staff to working under changing rules, Valladares wrote in a report. Many people working at banks are unclear on what auditors do, she said.
Banks not only must improve risk management, but also must ensure risk-related personnel are proactive in identifying weaknesses in controls, capital calculations and other areas.