Basel III was created in response to the financial crisis, the BCBS revised global banking standards.

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So, obviously, my plan has changed and BCBS was forced to change it.

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The BCBS Influences Credit Markets for Years to Come by Addison Wiggin originally appeared in the Daily Reckoning.

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Generally speaking the accords refer to recommendations on sundry banking regulations issued by BCBS which is located in Basel, Switzerland.

FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis

The group is called the Basel Committee on Banking Supervision (BCBS).

FORBES: Basel Slams The Barn Door But The Horse Ran Away Two Years Ago

These new rules which are far stricter on capital and liquidity come from the Basel Committee on Banking Supervision (BCBS), and are known as the Basel III accords.

FORBES: Basel Barriers: How capital requirements would impede progress in the sovereign debt crisis

The citation by the BCBS is the first time that spreadsheet management has ever been specifically referenced at such a high level, a watermark in the approach to spreadsheet risk.

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Both the Switzerland-based Basel Committee on Banking Supervision1 (BCBS) and the Financial Services Authority2 (FSA) in the UK have recently made it clear that when relying on manual processes, desktop applications or key internal data flow systems such as spreadsheets, banks and insurers should have effective controls in place that are consistently applied to manage risks around incorrect, false or even fraudulent data.

FORBES: Microsoft's Excel Might Be The Most Dangerous Software On The Planet