They also continually refined their models and applied a healthy dose of skepticism to model output. Stress tests and related exercises are a good way to augment models and other standard quantitative techniques for risk management.
I will be quick to say that  -3-  most of the policies are largely in place and – even more relevant to our gathering today– I will also touch on the specific Basel Committee reforms. The comprehensive financial sector reform programme was put in place in order to build a safer and more resilient global financial system.