The impact of the recent global financial crisis is sure to be a lasting one, resulting in a variety of fundamental changes in the financial services sector from a change of philosophy on credit and investment risk management to a host of new government regulations. For decades, the government has tilted in favor of deregulation, particularly as it pertains to the financial services sector. However, existing regulatory approaches and methodologies that may have worked well under benign financial conditions, such as the international Basel II rules, can break down during a major market disruption.
In October 2008, the Group of Thirty, an international body composed of central bank governors, leading economists and private financial sector experts, released a report providing insights into current challenges facing the global financial system and information to inform future banking regulation reforms.
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