Banks lack agreement on degree of change needed in response to the credit crisis
The answers regarding the degree of change needed in response to the crisis and different industry and official sector recommendations varied widely depending on several factors:
Banks severely affected by the crisis and which had experienced the largest losses were, as would be expected, planning the most radical changes (one referred to a risk revolution).
Other banks in those G10 markets, which had been significantly impacted, were also planning substantial changes.
In markets which had been far less affected by the crisis, banks were learning from the problems elsewhere and were reviewing controls and making some changes.
Some non-G10 banks were still in the throws of implementing Basel II and in particular, the bank-wide risk assessment and capital planning required under Pillar II.
