Coverage of the unfolding crisis
...and how to fix it
Friday, July 27, 2012
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by Nathan Collins, Euromoney Skew
Most obviously, Croatia is going to need to get its act together. As it stands the country hasnt published draft regulations on any part of Basel III, but its going to need to speed up the process. The country has to implement the rules as part of the regulatory package that will come along with accession to the EU, expected to happen on July 1st 2013.
Moreover, many regulators continue to hire mostly accountants and economists into their examiners pool; whilst the skills that these individuals bring are important, sorely lacking are skills in valuation, risk management, and modeling. Importantly the education in many of these countries is still the type where students focus mostly on one subject for 4-6 years, but they are never taught to have a more open minded approach to analysis and to be able to detect the interconnectedness of risks across different divisions of a bank, not to mention within an entire financial system.
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