This chapter explores the presumed superiority of Basel II over Basel I, and assess the effectiveness of Basel II in empirical risk management and prudential supervision practices, as reflected in a series of 15 interviews undertaken with bank risk managers, senior analysts, and supervisors from regulatory authorities in Australia shortly before and after the 2008 global banking crisis. This chapter and the next represent an important contribution, as these experts and professional are charged with the implementation of the Basel framework, and so are well qualified to identify both its strengths and its weaknesses. In addition to providing an insider’s insight into the operation of the Basel II system, the interviews also permit an investigation of the degree of congruency in the approach and views of bank practitioners in one hand, and regulators on the other. The tendencies discovered may be at play also distorting communicative practices in risk management and supervision under the Basel III framework.