That is why I welcome the report that the Enhanced Disclosure Task Force published last autumn.1 This private sector effort, the result of a unique collaboration between users and preparers of financial reports, recommends that banks improve their disclosure of business models, key risks and risk-measurement practices. I strongly support OSFI in encouraging banks to implement these recommendations. Second, risk governance.
A peer review of risk management undertaken by FSB members and published earlier this year found that the private sector has been addressing the gaps in risk governance that came into glaring focus during the crisis.