Then, only compliance with the minimum standards would be monitored. Disclosure is another field where banks could be given a break. Here, we should investigate just how often disclosure reports need to be published in order to supervise smaller regional institutions. In addition, we need to make sure that the disclosure reforms do not introduce any intra-year disclosure duties.
Policies and procedures should spell out for business line staff how to  2  BIS Review 42/2006  escalate compliance concerns, should delineate responsibilities (avoiding overlapping roles and conflicts of interest), and should ultimately ensure that the board and senior management are fully apprised of material compliance events.