In Brief:
Preventing systemic risk will require a change in regulatory culture, risk awareness among audit departments in banks and properly trained staff, according to the Bank for International Settlements.
In its latest report, ‘The banking system in emerging economies: how much progress has been made’, the BIS stressed the importance of furthering recent progress in risk management, and highlighted Basel II as the best way to reduce financial risk.
Despite some of the remaining risks to the economic system, the BIS stated that the risk of banking crises as a whole has dropped due to revised banking policies that improve governance and increased market disclosure. The BIS also said more independence, legal protection and authority granted to supervisors is one of the most successful ways of currently mitigating risk.
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