In a keynote speech delivered at the Institute of International Finance Annual Membership Meeting late last month, Erik Thedéen, Chair of the Basel Committee on Banking Supervision, emphasized the need for robust prudential regulation and supervision to strengthen banking stability.
Reflecting on past crises, he stated, “Misconduct, governance failures and imprudent risk management practices further increase the likelihood and impact of crises.” He insisted that effective resilience begins with banks’ internal practices, as “the boards and management of banks should be the first port of call in managing and overseeing risks; they cannot outsource these functions to supervisors.”
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