Regulators have learnt many lessons from the global financial crisis, chief among which is the need to improve the monitoring, surveillance and governance of financial institutions to guard against current risk as well as to prepare them for potential future shocks. In 2013, we took determined steps to improve the regulatory and supervisory landscape facing financial institutions and give it a more forward-looking approach.
We addressed a number of both micro- and macro-level issues. We issued several new guidelines, and brought improvements to existing ones, to adapt the regulatory framework to the evolving needs of the financial sector, and to bring it closer to international best practice. As detailed elsewhere, we also enhanced our approach to off-site surveillance and on-site inspection of individual institutions.