Global regulators have completed a thematic review of global risk management practices, evaluating both the degree to which national supervisors dictate firm risk-governance standards and the quality and independence of risk-management staff and the rigor of procedures in this area. The review follows a survey by the FSB last year of national supervisory practices, which marked the start of global work to dictate standards in this important area. The Board found considerable room for improvement and provided a series of recommendations and sound governance practices, which going forward could force wide-ranging changes in board activities, risk-management structure and senior-management responsibilities.
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