There are always pressures to be the first to report – a race to be the Number One and they also have several stakeholders to cater for. 4  BIS Review 91/2007  Let me end with a quote from the late Dr. I. G. Patel, former Governor of the Reserve Bank of India: “Communication is not just about transparency.
While the 1988 Accord represented an important advance, new technology, the globalization of financial markets, and innovative financial products and services have changed the way that banks monitor and manage credit, market, and operational risks in a manner that the 1988 Accord could not anticipate and does not address.