WESTBORO, Mass., March 11, 2003 — Ascential Software Corporation (Nasdaq: ASCL) the enterprise integration leader, today introduced software and services that are designed to enable financial institutions to comply with BASEL II global financial risk management regulations. Financial institutions need to demonstrate three years of advanced risk management by the accord's current 2006 deadline to be eligible for minimum capital reserve requirements, requiring a 2003 start date. The Ascential(TM) initiative is tailored to map, standardize and transform that data beginning this year.
The New Capital Accord (BASEL II) is a regulatory framework developed by the Bank Of International Settlements, Basel, Switzerland. BASEL II will require all internationally active banks at every tier within the banking group to track and publicly report exposure to operational, credit and market risks as a prerequisite to doing business.