Despite the shortcomings of the current Basel II framework – and the regulator have addressed many of them in the new Basel III framework – no regulation in the past 20 years impacted the way banks around the world operate like the revised Capital Accord from 2006 known as “Basel II”. The revised Accord acknowledged the advances in financial innovation and risk management techniques and required banks to implement an enterprise-wide risk management framework that ultimately aligned their capital levels to their risk profiles. It shifted the attention of managers, market participants and regulators to the risk management practices established by the individual banks.