2  The views presented here are my own and not necessarily those of other members of the Board of Governors or the Federal Open Market Committee. BIS Review 70/2009  1  A recent history of financial regulation Systemic crises typically reveal failures across the financial system.
The present situation is no exception, with fundamental problems apparent in both the private and public sectors. There was a massive breakdown of risk management and a suspension of simple common sense within many financial firms.