The COVID-19 experience has also reinforced the importance of having flexible regulations to enable supervisors to adjust the regulatory requirements to respond to a crisis and the need to strengthen the governance of institutions charged with the supervisory role. This will allow supervisors to be more responsive, inclusive, resilient, and accountable to respond to current and future challenges.
As we continue on the path to recovery, overcome the trials and strive to maintain financial soundness and stability, the supervisors have a responsibility to develop the capacity of their respective teams. They should also be willing to efficiently discharge their functions if we are to succeed in achieving effective supervision of the financial institutions in a manner that aligns with globally-accepted standards.