OCC’s Cunningham on why regulatory agencies need CROs too

The US banking supervisor has been taking a leaf out of banks’ books and putting the focus on enterprise risk management

OCC headquarters in Washington DC
OCC headquarters in Washington, DC

The financial crisis prompted soul-searching at regulators as well as financial institutions. In too many cases, inefficiency, poor risk management, weak governance and unclear organisation at major banks went unchecked because exactly the same problems existed at the watchdogs that were supposed to be overseeing them.

An independent review of the US Office of the Comptroller of the Currency's supervision of large and midsize institutions, ordered by comptroller Thomas Curry in 2013, put the OCC

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