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Banking

Regulation: Banks have improved risk management, says IIF

IIF survey shows progress on risk governance, but compensation still a problem; Technology and data systems need overhauling

Richard Waugh, co-chair of the IIF steering committee on implementation of the best practice recommendations, and chief executive at Scotiabank

Rick Waugh, IIF: taxation is a blunt instrument for controlling remuneration

Have banks reformed their risk management? Yes, they have, or so bankers themselves claim. They have already made big efforts to ensure that many of the factors that contributed to the crisis will not recur, according to the Institute of International Finance (IIF), the global trade body of more than 375 financial institutions. Last year, the IIF together with Ernst & Young surveyed more than 40 of the largest banks to gauge whether they had acted on the new best practice recommendations made by the IIF in 2008, following Bear Stearns’ collapse.

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