You may recall the high profile failures such as Enron and Parmalat and nearer to us, the failure of  BIS central bankers’ speeches  1  banks in the global financial crisis largely attributed to failures in corporate governance and risk management practices and the underpinning poor corporate culture and ethics.
In response, many standard setting bodies and banking supervisors around the world have revamped their corporate governance standards requirements and reassessed their adequacy. Whilst these changes may have increased the burden of regulated financial institutions, they provide a safeguard for the financial system as a whole.