ICYMI: Earlier this year, the Bank of England appointed Andrea Enria, past-Chair of the Supervisory Board at the European Central Bank, to its Prudential Regulation Committee.
In written evidence submitted to the House of Commons Treasury Committee regarding his appointment, Enria stressed the importance of sound culture and governance in supporting financial stability. "If we look back to the major episodes of failures at financial firms, we can always identify a root cause in poor culture — especially risk culture — and ineffective governance," he wrote. "This was the case for Credit Suisse, which had experienced a series of loss events without being able to fix the cultural issues that eventually led to its crisis."
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