BIS urges firms to strengthen risk management practices
The Bank for International Settlements (BIS) has released its quarterly review, in which it details the organisation’s activity over the past three months. In it, the BIS notes potential strains to the financial system and highlights where further work is needed.
As a matter of urgency, members of the Financial Stability Forum (FSF) recommended that firms “further strengthen their risk management practices, including the comprehensiveness of their stress testing”. Evidence of rigorous testing will be a key challenge of Pillar II for regulatory authorities and financial institutions alike, and many authorities have promised exacting standards that firms must meet before being deemed compliant.
Despite the current benign global economic conditions, the FSF
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