These are major challenges to both developed and developing economies alike and developments over the recent past suggest that one cannot begin to imagine the cost of inaction.
Ladies and Gentlemen, the growing diversities and complexities of banking business, the spate of product innovation with complex risk phenomena, the contagion effects that a crisis can spread given the linkages and interdependence of banks and the growing trend of businesses without borders, calls for a new approach to ensuring the financial health of our economies and that is what Risk-Based Supervision is all about.