When we carry out cost-benefit analyses of regulatory measures, we should remember the enormous amount of tax money spent on bank bail-outs. This experience and the fact that regulatory failure was one of the key causes of the financial crisis, put pressure on policymakers and supervisors to revamp the regulatory framework.
We have to continue to put emphasis and resources in this area to ensure our human capital is in tune with constant changes in risk profiles of our financial sectors. You would have noticed that the skill set required for supervision has expanded as financial services have become complex.