Global regulators are turning their focus to judging the degree to which national supervisors dictate firm risk-governance standards, issuing a survey on issues such as the degree to which boards of directors set “risk appetite,” the quality and independence of risk- management staff and the rigor of procedures in this area. The survey is general, but marks the start of global work to dictate standards in this important area, standards that could force wide-ranging changes in board activities, risk-management structure and senior-management responsibilities. Although views are due only from national supervisors, industry perspectives either directly to the FSB or to national supervisors will have an impact on FSB conclusions and next steps.
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