Within this ambit, a formal definition of financial stability has been adopted and there is a continuing assessment of regional integration as a financial stability issue. Parallel initiatives are meant to strengthen market governance and risk controls. We raised the standards on bank capital, clarified supervisory expectations on the management of risks and enhanced board and management governance protocols.
We have actively advocated financial inclusion and consumer protection, crafting a national strategy in the former and establishing a formal bank framework for the latter. New guidelines on credit and operational risks have been issued, with the IT Risk Framework issued several years ago, long before concerns regarding cyber security came about.