The financial and economic crisis of the last years has created some important innovations especially for the financial industry. Therefore, the Basel Committee on Banking Supervision has been revised and extended in order to gain improvement of the capital resources and supply of the liquidity of banking institutions. Consequently, in December 2010, the policy of Third Basel Accord was published. Ever since a continuous transition has been occurred from regulatory requirements for banking institutions to legal regulations and guidelines on national and EU-wide level. The goal hereby is the reinforcement of transparency and comparability of banking institutions as well as the security of the creditors. Up to the current moment, some meaningful innovations have not yet been completely introduced and will only come into force in the upcoming years. The intention of this paper is to demonstrate new challenges facing banking institutions in the sector of corporate governance and financial management. The focus is set on possible temporal or content-related problems for banking institutions in regard of the implementation of the Third Basel Accord. In the context of this policy upcoming opportunities and risks for banking institutions, especially in Austria compared to European competitors, will be discussed. Updated standards, as the regulatory equity, do not constitute a temporal or content-related problem. However, the new liquidity and debit ratios will pose a challenge for banking institutions. These ratios need to be calibrated at the best in order to avoid divergences between liquidity requirements and the return on equity. In addition to the financial and risk relevant requirements new specification will increasingly be set on the entire company.