While this is an improvement from the “micro” perspective, modelling systemic risk is that much harder because these are created endogenously within the system as a result of the responses of participating economic agents.
This gap could potentially be filled up by the systemic regulators set up in the aftermath of the crisis: Financial Stability and Development Council (FSDC) in India, Financial System Oversight Council (FSOC) in the USA, Financial Policy Committee (FPC) in the UK and European Systemic Risk Board (ESRB) in Europe etc.