Last month, Ernst & Young released details of a second annual survey of leading international banks’ progress in implementing the best-practice recommendations first published in 2008 by the Institute of International Finance. Sixty-two banks took part, many offering chief risk officers and other senior risk staff for interview.
Long before Lehman collapsed and the Basle Committee on Banking Supervision launched Basle III, a group of bankers headed by Rick Waugh, chief executive of Scotiabank, and Cees Maas, former CFO and vice-chairman of ING, had already set out to learn the lessons of what was then called the sub-prime crisis.
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