The three pillars discussed in the Basel consultative documents flow directly from this multifaceted view, and the rank-ordering of their importance in the long run is not indicated by the number of pages devoted to each in the consultative documents. In the long run, the supervision pillar remains critical, but the supervision must be even more risk-focused and increasingly concerned with validating systems.
Speech  Small Businesses Finance in the Pandemic Christopher Kent [ * ] Assistant Governor (Financial Markets) Address to the Australian Finance Industry Association Sydney – 17 March 2021  Thank you for the opportunity to discuss small business finance with you today. Small businesses play a critical role in the Australian economy. They employ nearly 5 million Australians.