Nordea Selects SAP for Basel II Compliance

Wednesday 27 April 2005 09:59 CET | News

The Nordic Financial Service Group Nordea, has selected the SAP for Banking solution to assist Nordea in meeting its Basel Capital Accord (Basel II) requirements.

SAPs solution for Basel II helps banks meet the legislations requirements for calculation of risk exposure and capital, supports the supervisory review and disclosure process and provides a historical database to calculate and validate credit risk parameters. Nordea, already well-advanced in its preparations for implementing Basel II, evaluated multiple offerings before choosing SAP as the best match for its overarching credit-risk strategy. Nordea will implement the SAP solution for compliance with Basel II regulations as well as utilize the solution to consolidate processes and enhance reporting standards. As the result of applying the Basel II regulations, Nordea will improve its risk-management standards and increase efficiency in its credit process. Basel II Compliance and More Enacted for banks and financial service institutions in 2004, Basel II requires banks worldwide to meet stringent standards for identifying risk and allocating adequate capital to cover potential losses. SAPs solution for Basel II is part of SAPs expanding set of analytical applications for banks. Designed to support financial analysis, profitability analysis and risk management, these applications are based on a common infrastructure and architecture and feature a robust financial database as well as common processes and methods. With this strong analytical foundation, the SAP solution for Basel II provides banks with more transparency and enhanced information for better decision-making in addition to driving their Basel II compliance. The solution is based on Basel II best practices and is continuously updated as the regulations change.

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Categories: Payments & Commerce | Payments General
Countries: World
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