There are indeed other approaches which are worth discussing, but at present I cannot identify any convincing alternative concept among them which would be operationally viable, practicable and superior to the Capital Accord.
The Capital Accord itself is adaptable enough for new developments in the markets to be integrated into its system in a meaningful manner - as occurred in the case of market risk, for example. This also applies to all currently impending topics for discussion, such as on-balance-sheet netting, credit derivatives, credit risk models and new capital elements.