No single developed nation has a monopoly on best practice risk measurement and management, if innovations in complex financial products are any indication. For example, European banks were market leaders in introducing collateralized loan obligations. In the field of asset-backed commercial paper facilities, U.S. banks were the initiators, but European and Japanese institutions are now significant players.
And, the ubiquitous consulting firms around the world can be relied upon to spread the word on advances in risk management techniques. Still, individual banks in each country, not just the U.S., must face the proper incentives to keep up with an ever changing technology.