Basel Committee launches review of corporate governance principles: The Basel Committee is consulting on a revision of its 2010 Corporate Governance Principles for Banks. Although it notes improvements since 2010, the Basel Committee wants to further emphasise some of the issues flagged in the FSB's 2013 thematic review on risk governance, namely the need to:
- reinforce responsibilities of boards and delineate the specific roles for board, risk committees and senior management and control functions;
- enhance the authority and independence of chief risk officers;
- establish effective risk frameworks, including as regards risk culture, appetite and capacity and internal oversight of these factors; and
- strengthen supervisors' ability and engagement with firms' boards and risk committees.
The Basel Committee asks for comments by 9 January 2015. (Source: Corporate Governance Principles for Banks)
BIS and IOSCO report on FMI recovery: The Committee on Payments and Market Infrastructures (CPMI) within BIS and IOSCO have published their final report on FMI recovery, to supplement the FSB paper discussed above. (Source: BIS and IOSCO Report on FMI Recovery)