In the light of the financial crisis, the industry has put in place wide-ranging programmes to address weaknesses in risk management, including governance, incentives and risk measurement, according to a survey published by Ernst & Young.
Banks in the United States and in Europe, some of which sustained the most substantial losses in the crisis, have launched the most aggressive programmes and banks felt that substantial progress has been made. “However, this is a journey and the reforms although well underway will take time to complete,” said Ernst & Young.
© IIF - Institute of International Finance
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