However, the onus remains on the board to ensure receipt of management information as appropriate for the exercise of its oversight responsibilities. We may recall that the global financial crisis revealed weaknesses in corporate governance practices of failed banks where information on the real risks being taken by the institution did not reach the board or even senior levels of management.
Even if risk management systems are functioning, the absence of transmission of information to the board and senior  BIS central bankers’ speeches  3  management would constitute a breakdown of corporate governance principles. Approving strategy is not sufficient, suitable metrics must be set to monitor the implementation of strategy and the responsibility for such monitoring falls on the board.