13  See Michael Pomerleano, "Ring-fence cross-border financial institutions", Financial Times, ….,August 10, 2009 http://blogs.ft/com/economistsforum/  BIS Review 107/2009  7  John Kay has recently expressed the view that modern banks are too complicated to be managed by mere mortals.
14 Accepting that view as a challenge rather than a counsel of despair, I will briefly discuss potential reforms in the areas of risk management and compensation, drawing mainly on the recent report prepared for the British government by Sir David Walker, and a June 2009 OECD report on corporate governance. 15 Corporate risk management.