Reforms of capital and liquidity regulation, risk management, governance and resolution regimes have been introduced. Moreover, consumer protection has been enhanced. The regulatory framework now has a better and broader base, and is less vulnerable to arbitrage. While much has been achieved, I would like to highlight one piece of work in particular.
Last year, the Financial Stability Board published a set of guidelines on supervisory interaction with banks on risk culture. The guidelines are aimed at assisting supervisors in their assessment of risk culture by listing a number of indicators or practices that can be indicative of an overall sound and well-balanced approach.