I believe this accord would also affect the behavior of a number of other industries, including credit rating agencies, external auditors, banks’ customers, regulators and finally the corporate sector at large. What are some of the key challenges pertaining to the Basel II Accord ? The list that I am about to cover is by no means an exhaustive one.
First of all, I would like to underscore that there is an absolute need to instill a well functioning, integrated and efficient risk management system at the  2  BIS Review 4/2007  macro level by the supervisors and by the institutions. Second, we need absolute accuracy and reliability of information.