•  The responsibilities and influence of Chief Risk Officers (CROs) need to be elevated and strengthened with CROs actively participating in business strategy and planning as opposed to having only veto power over decisions that adversely impact risk.
The risk function is not in place to manage risk, but to make sure that risks are managed.”  •  Banks need to align pay to risk-adjusted performance  •  There is a need to institutionalize an appropriate risk culture throughout the organization, where risk is everyone’s business from the board to the front line.