Directors are required to provide regular public attestations as to the soundness of the bank, the robustness of its systems and its exposure to risk. We monitor these disclosures and meet with all registered banks annually to discuss strategy and any emerging issues. We rely on external auditors to verify financial statements.
By year-end, all registered banks will be required to have and publish a credit rating from an approved rating agency. Where we depart somewhat from traditional supervisory approaches is in our reluctance to validate what the directors of the bank are accountable for.