Consistency among macro-prudential, micro-prudential and monetary policy Secondly, consistency with other policies is another important precondition for the efficiency of macro-prudential policy. To put it another way, macro-prudential policy alone is not likely to bring financial stability, without consistent macro-economic policy and micro-prudential policy.
Deficiencies in Governance at financial institutions have been repeatedly highlighted in the past five years following the commencement of the Global Financial Crisis in 2007. Three of the standards issued by AAOIFI specifically refer to governance. The first of these standards concerns the Audit & Governance Committee.