All countries need to build bank sector resilience because shocks have originated from all regions of the world, from all types of asset classes, and from all kinds of business models. III. Key elements of the BCBS reform programme  It is for these reasons that we have proposed our reform programme. Now let me tell you what it is we seek to achieve.
Capturing all the risks The first objective must be to capture all significant risks in the capital framework. During the initial phase of the financial crisis, the majority of losses and the build up of leverage occurred in the trading book. At the same time, the trading book rules did not adequately capture all of the key risks to which banks were exposed.