Risk and Governance
First published:
ISBN: 9781782723271
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Regulation and Governance
Regulation and Governance
Introduction: The Confluence of Risk and Governance
Corporate Governance, Information and Control
The Nature of Corporate Governance in Banking
Regulation and Governance
The Centrality of Risk Management
The Mission, Organisation and Governance of Risk Management
A Cartography of Banking Risks
Operations Risk in Extreme Market Conditions
Managing Legal Risk
Managing Reputation Risk
Drawing Boards: Motivations and Responsibilities in the Boardroom
Executive Compensation: Performance, Regulation and Ethics
Fair Value, Auditing and Internal Controls
Risk Management and the Role of Culture
The Board of Directors
Compensation
Auditing, Reporting and Disclosure
In the aftermath of the 2008–09 financial crisis, regulators and governments around the world started to question the way financial institutions were managed and how those at their helms should be held accountable for their decisions. The result was a major overhaul of laws and regulations that only a few months earlier had looked very much state of the art. After a brief discussion of the relationship between financial regulation and governance, this chapter will examine the most important of such changes and their implication for bank governance.
THE ROLE OF FINANCIAL REGULATION IN BANK GOVERNANCE
We have looked in general at banks, their characteristics and the consequences of such peculiarities on their governance. We shall now address both the rationale for, and the consequences of, regulation and the role of government in supporting the banking system.
As mentioned in previous chapters, there is indeed something special about banks. In particular, the nature of banking activities is such that related externalities have a tendency to affect other institutions first, the whole financial system next and the general public in the end, with the potential of an eventual
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