It is a culture in which consumers can be confident that firms are acting in their best interests. It is a culture in which boards and senior management set the tone through their commitment to achieving good outcomes for their customers. It is a culture where a firm engages constructively with customers who have queries or complaints and which rectifies its errors or mistakes.
Nearly a decade ago, such bilateral and -- through the BIS -- multilateral efforts produced the risk-based capital standard, known as the Basle Accord. Since then, we have produced numerous other policy statements dealing with sound risk management practices for banks. These statements related first to derivatives activities and most recently involve the management of interest rate risk.