In the 1980s, the credit cycle was in an expansion mode with a few exceptions, and the 1990s were a period of adjustment followed by expansion again in the 2000s. Because of the global financial crisis following the Lehman shock in 2008, the expansion of private-sector debt has come to an end, and we are now in an adjustment phase on a global basis.
Therefore, a clear priority for companies should be to refocus on the basics of internal controls and risk management, and to review how these basics should be applied from the inception of projects rather than in hindsight. I'd like to mention a few principles of good corporate governance that particularly apply to the effective use of professional expertise, whether in-house or independent.