Basel III is a set of global regulatory standards established by the Basel Committee on
Banking Supervision (BCBS) to strengthen the regulation, supervision, and risk management
practices of banks worldwide. The key objectives of Basel III are to enhance the resilience of the
banking sector, improve risk management and transparency, and promote financial stability. It
represents a significant reform of the previous Basel II framework and was developed in
response to lessons learned from the 2008 financial crisis.