Both political and corporate world events in recent times have resulted in the introduction of a range of new regulations such as Basel II, SOX, ISO 17799, GLBA etc. that encourage business continuity professionals to take a different approach to risk management. As business become increasingly reliant on technology and regulatory pressures increase, business continuity is a necessary aspect of doing business.
With Basel compliance gaining global acceptance, risk management systems and processes have now assumed high priority to top management of banks and financial enterprises. Numerous regulatory moves, some of them with far-reaching consequences and short timelines, have suddenly brought compliance to the fore.

Basel II invites for adequate resources tightly aligned to a company’s financial as well as operational risk, which will of course have implications for how business continuity is managed in a banking organization. Omnitech helps banks to device and deploy business continuity plan to get Basel II complied.

SOX are to make accounting practices more transparent. Aligned with that, the Act also requires companies and their external auditors to declare that there are systems of internal control in place to ensure that their financials are accurate and that these systems actually work. Omnitech works closely with organization to carry out system and IT audit services from time to time.

Financial losses from operational failures pose significant risk to financial institutions. These losses have to be accounted for under US GAAP rules as well as those under the Advanced Measurement Approach (AMA) of the Basel II Accord. Contemporary technologies, increasingly complex products, e-banking, acquisitions and trading disasters have increased the need for more rigorous operational risk control. To satisfy these business and regulatory challenges, a complete solution is required to gather, scrutinize, report on, and mitigate operational risk.