I have the impression that this kind of awareness is generally shared by officials in other countries and regions as well, given that central bankers have viewed being “humble” as the key since the outbreak of COVID-19.
The responsibility of risk management primarily rests with the Supervised Entities themselves; however, audit too has a critical role to play at the systemic level by examining the appropriateness of existing frameworks for plugging the control gaps and providing assurance to the Board and decision makers. Audit Failures and their Impact on the Entity / System 18.