Market discipline may not be very effective till transparent disclosure requirements are put in place. Even then the ability of the market to discipline the constituents would depend on its own structural strength as well as the economic setting in which it operates. Therefore a significant level of reliance has to be placed on internal control effected through Board oversight.
However, as the case of Mauritius illustrates when the country exited the high-risk lists of a number of international institutions, this can only be effectively discharged through a collaborative approach among all stakeholders within and across jurisdictions.