How the global banking industry is fixing vulnerabilities
In July 2008, the Institute of International Finance (IIF) published the final report of the Committee on Market Best Practices, which set out principles of conduct and best practice recommendations for banks in light of the financial crisis.
As part of the review of implementation of the recommendations in the Market Best Practices report (which was led by the Steering Committee on Implementation), the IIF asked Ernst & Young in March 2009 to conduct a survey of banking executives to gauge the gaps against the recommendations, and identify what they are doing to bridge them.
What we found Our survey revealed that the banking industry has moved quickly to carry out assessments against the recommendations, but the process is ongoing. Banks have been wrestling with competing resourcing demands caused by the need to manage the organization through the crisis, as well as initiate the large number of projects needed to strengthen risk management going forward. Planning the right infrastructure for the next 10 to 15 years has become significantly more difficult in light of rapidly changing regulations.
