IIF’s Dallara criticises Basel Committee for shortcomings on governance reform

Charles Dallara, managing director of the Institute of International Finance (IIF), has criticised the Basel Committee on Banking Supervision for failing to give sufficient attention to the need to change the risk culture at banks.

At the Risk Management 2011: Industry Practices and Regulatory Priorities event in London last week, Dallara said: "Risk culture is crucial. A lot of the commitments to techniques for risk management, even if they remain embedded, do not address risk governance issues