Coordinating all these strands of work is the task of the FSB, which is also responsible for regular reporting to the G20. The large number of work strands and regulatory provisions might create the impression that the sometimes exaggerated faith in the market prior to the crisis is now being replaced by excessive faith in government.
Consistent with the view that private agents are the first line of defense against excessive risk, boards of directors are expected to be actively involved in establishing the overall environment for taking risk, staying informed about the level of risks and how they are managed and controlled, and making sure that senior management is capable and has the resources it needs to be successful.