Looking ahead, the IMF’s longstanding surveillance function should remain at the core of its activities and will have to be even further developed. Given the increasing interconnectedness of economies in the world, the Fund’s policy advice on how to address policy spillovers needs to be systematically included into bilateral surveillance. Furthermore, we welcome the Fund’s increased efforts to strengthen its surveillance of financial sectors.
If we glance across some of the major frauds across countries, it is evident that many institutions and banks have suffered a great deal of loss either due to the deficiencies in the internal control processes of the IT implementation or due to the deficiencies in the software and hardware itself.