Implementing management reports on internal controls comparable to those required under SarbanesOxley and FDICIA 112 can also assist community bank boards of directors and audit committees in obtaining a better understanding of the controllable risks within the bank and the quality of the controls in place over those risks.
Going forward, the domain of bank supervision and regulation will keep its dynamism and a potential issue is the challenges for regulators which new technology is bringing 3/4  BIS central bankers' speeches  to the banking industry. The emphasis on financial technology would entail identifying where risks lie. Putting forward a pro-active framework for regulation and supervision is high on the agenda.