The Basel II Accord requires banks to use risk models to predict potential losses and communicate this information to regulators daily. This helps determine how much capital banks need to hold to cover potential losses. The study looks at how different risk models were used during the 2008-09 financial crisis and evaluates their effectiveness. It also discusses the impact of the crisis on risk management practices and suggests alternative policy recommendations. The research shows that the Basel II Accord did encourage risk management during the financial crisis, but there is room for improvement in how risk models are chosen and combined.