The following article is the last one of a series of three about how the fax can help financial organizations to meet their legal obligations.
This text covers the Basel Accords which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision, a committee of banking supervisory authorities established by the central bank governors of the Group of ten countries in 1974. It provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide.
BASEL II AND III
The Basel II Accord consists of recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. Although the accord deals with a range of risks, including market and credit risk, its requirements dealing with operational risk will most interest and affect information security professionals and IT departments in the financial sector. The Basel II accord states that operational risk is “the risk of direct or indirect loss resulting from inadequate or failed internal processes, people, and systems or from external events.”
Basel III is a global regulatory standard on bank capital adequacy, stress testing and market liquidity risk agreed upon by the members of the Basel Committee on Banking Supervision. The third instalment of the Basel Accords was developed in response to the deficiencies in financial regulation revealed by the financial crisis in the late 2000s. Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage.
How XMediusFAX® helps achieve Basel II and III compliance standards
The XMedius cloud platform is ISO 27001 certified, which provides a system of control that meets the Basel Accords. This system of control includes:
- Information security and privacy policies that align with ISO 27001
- Statement of Applicability mapping all ISO 27001 requirements to existing controls
- Audit planning. We produce audit assertions in conformance with ISO 27001, and we conduct internal and external auditing
- Periodic information Security training of all XMedius employees and Compliance audits to validate that employees understand and follow the established policies
- Contact with industry groups and professional services related to security
In short, XMediusFAX® offers a level of security and protection that very few fax cloud providers can match. Our clients operate across regulated industries and require an enterprise-grade faxing solution to achieve the highest security standards. XMediusFAX® is that solution.
Consult our latest articles:
- How financial institutions can easily comply with the SOX act
- Ensure your faxing processes are in compliance with Gramm-Leach-Bliley Act