To comprehend their evolution and impact, it has held more meetings with the subsidiaries of foreign groups. This dialogue is useful for a timely and in-depth analysis of operational choices, in the context of those taken at group level, and of the risk management and control systems. Inspections, including those of a partial nature, have been intensified.
A start has been made on action to strengthen internal control systems, which were found to be inadequate in some cases. The reaction has been positive, but the process of adapting to higher standards is not yet complete. The corporate culture of several big financial groups requires a thorough rethinking in order to forge a new relationship between business units and control functions.