The Institute of International Finance (IIF) published the final report of the Committee on Market Best Practices in July 2008, which set out principles of conduct and best practice recommendations for banks in the light of the financial crisis. This was part of the industry’s response to the causes of the crisis and the recognized need to strengthen governance and risk management going forward.
In March 2009, as part of the review of implementation of the recommendations in the Market Best Practices report, the IIF asked us to conduct a survey of banking executives to gauge the gaps against the recommendations, and identify what they are doing to bridge them.
The resonating message was that the industry had indeed moved quickly to carry out assessments against the recommendations, particularly in countries most affected by the crisis. In fact, most banks in these countries had identified a number of gaps and then instituted programs to address them.
See full ^Press Release.
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