In the banking and financial sector, the primary responsibility for risk management in individual financial institutions lies with their executive management and boards of directors. This is supported by internal audit and compliance functions within the banks, and external auditors.
The Governing Council strongly supports current efforts by a number of governments in this direction and also encourages social partners to fully commit themselves to the objective of making the euro area a more dynamic and innovative economy. We are now at your disposal for questions. 2  BIS Review 47/2003