Disclosures would not only provide more qualitative and quantitative information about the firm's current risk exposure to the market but also help the market assess the quality of the risk oversight and risk appetite of the organization. My last comment on disclosures is that less than fully transparent disclosures are not limited to “complex” off-balance-sheet transactions.
There have also been recent health emergencies in various parts of the World that signalled clear alarm bells for those who were listening8. High pro le organisations and experts have been clear that a global pandemic was a certainty, but the timing, nature, type and gravity of one was open to doubt.