The Federal Reserve Board, as the primary supervisor of state member banks and the consolidated supervisor of financial holding companies, has been working with other regulators and financial institutions to improve the effectiveness and relevance of regulation and supervision in this changing environment.
The Federal Reserve has long emphasized the need for appropriate and strong internal controls in institutions we supervise, and we have taken a continuous-improvement approach to our risk-focused examinations. For many years, enterprise risk management across multiple organizational units within an entity has received increased scrutiny.