Financial services firms will need to maintain a laser-like focus on meeting the requirements of the Basel III reforms for this year and 2018, says Christian Schiebl, an executive vice president for vendor SmartStream who oversee business in the EMEA and JPAC (Japan and Asia-Pacific) regions.
The Basel III set of reform measures, created and promoted by the Basel Committee on Banking Supervision, are intended to strengthen risk mitigation for the global banking sector. The Basel III measures cover major areas including protections against financial and economic stresses; stronger risk management and governance measures; and improvements in bank transparency and disclosures.
Among the tougher reforms are the tighter capital controls intended to help financial institutions withstand a variety of market upheavals.
In his video interview with FTF News, Schiebel says there is a very simple reason why firms need to stay focused on the Basel III reforms. His interview was conducted during the SIBOS conference last month in Toronto.
“In the first instance, they have to focus because there are strict deadlines,” Schiebl says. In particular, regional and country-specific regulators and other authorities are likely to start requiring intraday liquidity reporting. “For that, the clients have to comply,” he says. “In Europe, many countries have deadlines this year and next year. Germany’s final deadline will probably be in mid-2018; you have to be ready to report accordingly.”
The second reason to stay on top of the Basel III reforms is that banks have an intrinsic interest in optimizing the management of the firm’s liquidity and cash, Schiebl says.
Schibl joined SmartStream when it acquired Management Data in 2000, and has more than two decades of experience in serving the financial information and technology realm, officials say. Before his time at SmartStream, his experience included software development, professional services support, and sales.
CREDITS:
Interview conducted by: Eugene Grygo, chief content officer, FTF News
This video was produced by Financial Technologies Forum (FTF).
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