What It Is

IFS Food Version 8 is a GFSI-benchmarked certification standard for auditing food manufacturers' product and process compliance. It ensures safe, legal, authentic products meeting customer specs via a risk-based Product and Process Approach (PPA).

Key Components

• Governance, HACCP, PRPs, operational controls (Sections 1-5)
• 10 Knock-Out requirements (e.g., traceability, CCP monitoring)
• Annual full audits with ≥50% on-site evaluation
• Scoring system (A/B/C/D) and certification levels (Higher/Foundation)

Why Organizations Use It

• Meets European retailer demands for market access
• Reduces duplicate audits, enhances supply chain trust
• Manages risks like fraud, defense, allergens
• Builds food safety culture, operational resilience

Implementation Overview

• Phased gap analysis, FSMS design, training, validation
• Site-specific for processors/packers; annual certification
• Involves mock recalls, internal audits; 6-12 months typical

What It Is

Basel III is the global regulatory framework developed by the Basel Committee on Banking Supervision (BCBS) post-2007-2009 financial crisis. It sets prudential standards for banks to enhance resilience through improved capital quality, leverage constraints, and liquidity requirements. Its risk-based approach combines minimum ratios, buffers, and standardized metrics to address solvency and liquidity weaknesses.

Key Components

• **Three PillarsPillar 1 (capital, leverage, liquidity ratios like CET1 4.5%, leverage 3%, LCR/NSFR); Pillar 2 (supervisory review/ICAAP); Pillar 3 (disclosures for comparability).
• Capital buffers (conservation 2.5%, countercyclical, G-SIB/D-SIB).
• Revisions for RWA calculation, output floor (72.5%), operational risk SMA.
• No formal certification; compliance via national implementation and supervisory oversight.

Why Organizations Use It

Banks adopt it for regulatory compliance, as jurisdictions mandate via domestic laws. It mitigates systemic risks, improves funding costs, and builds stakeholder trust. Strategic benefits include better risk management, reduced model arbitrage, and competitive positioning through resilient balance sheets.

Implementation Overview

Phased enterprise transformation involving gap analysis, data architecture upgrades, model validation, and reporting systems. Applies to internationally active banks globally; requires ongoing ICAAP, stress testing, Pillar 3 disclosures. No external certification but subject to RCAP assessments and audits.