Except for their access to the Federal Reserve discount window, banks are no longer the dominant provider of liquidity for other financial industries. But banks remain the key access point to the dominant wholesale payments network, and they still provide federally insured checking and savings deposits.
Line managers must determine the acceptable level of risk in their line of business and must assure themselves that they are getting an appropriate return for this risk and adequate capital is being maintained. Supporting functions such as accounting, internal audit, risk management, credit review, compliance, and legal should independently monitor and test the control processes to ensure that they are effective.