US banks, in general, estimate the cost of compliance as being slightly lower than their European counterparts. But Andrew Wilson, Accenture managing partner for risk and regulation management in North America, said: “Last year, most US respondents didn’t have a handle on the cost. They have come in lower than the Europeans, and in part that reflects the phase they are in.”
Most European banks expect to spend over €50 million each to implement Basel II, with one UK bank expecting to spend over €200 million. Of the implementation cost, 36% is expected to go on IT spending, 52% on improving credit risk management and 12% on improving operational risk management, the survey found.
The week on Risk.net, July 14–20, 2017Receive this by email