The financial services industry is six years into the crisis and much attention has been paid to new regulations, but not enough awareness has been placed on the 'softer' issues that render serious problems much less likely.
In our collaboration with the Group of Thirty, A New Paradigm: Financial Institution Boards and Supervisors, we found that there is a compelling need for a new paradigm of interaction between supervisors of major systemically important financial institutions (SIFIs) and their Boards.
We focus on the requirements that the post-crisis landscape has for the responsibilities of Supervisors and Board members. We emphasize practical recommendations related to organization, Board and supervisory skill sets and resources, communication and culture to achieve these crucial objectives.
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