More generally, supervisors must go beyond their traditional focus on individual firms and markets to try to identify possible channels of financial contagion and other risks to the system as a whole. To improve consolidated supervision and increase the macroprudential focus of our oversight, we are improving existing supervisory tools and developing new ones.
The present industry-driven process clearly has not worked and a new oversight process is needed to ensure audit quality. Achieving sound accounting and disclosure practices in complex banking organizations Corporate boards and accounting officers need to shoulder their responsibilities too. Bankers have a unique perspective on this.