Basel II, also called The New Accord represents recommendations by bank supervisors from 13 countries making up the Basel Committee on Banking Supervision to revise the international standards to promote greater consistency in the way banks approach risk management across national borders.

Basel II is made up of three pillars. The first pillar examines operational risk, whereby banks and other financial authorities will have to follow stricter guidelines when outsourcing records and in particular choosing an Off-Site Records Management Company.

Outsourcing Guidelines will include:

• Written Contracts
• Evidence of processes when choosing a Supplier
• Vetting Procedures of Supplier
• Supplier must prove how banks details are protected
• Banks will have to integrate with the suppliers Disaster Recovery Plan
• Proof of suppliers Exit Plan, Security Policies and Compliance Controls.
• Audits of supplier’s facilities

SDS welcomes BASEL II and is proud it complies with all stipulated guidelines. Our commitment to compliance, in particular ISO9001 and OHSAS18001 incorporate every aspect of the standard.

For more information on compliance or any of our services please contact us on: 0800 393 178