By A. Joanne Kellermann, Jakob de Haan, Femke de Vries
The monetary obstacle triggered monetary supervisors to take a serious examine their very own functionality. The "toolkit" on hand to supervisors is significantly extra assorted than it used to be many years in the past. Supervision has turn into extra forward-looking, making an allowance for additionally delicate controls, resembling ‘conduct and culture’, company governance, and enterprise versions of monetary associations. This number of essays discusses a number of major alterations in supervision tools and supervisory enterprises and examines what tools give a contribution to ‘good supervision’ and what can quite be anticipated of supervisors. The authors are specialists within the box and so much of them are affiliated to businesses chargeable for monetary supervision.
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Extra info for Financial supervision in the 21st century
A primary source of potential problems is the financial institutions’ business model and strategy. In order to make supervision more effective, supervisors must better understand what these business models and strategies involve, consider whether they will be sustainable in the longer term, and feel compelled to intervene in these areas when needed. This does not imply that supervisors must decide how a financial institution is going to make its money, but rather that the management of financial institutions should give convincing answers when the sustainability of their business model appears questionable.
In response, many supervisors around the globe are currently evaluating or redesigning their supervisory approach based on lessons from the crisis. This chapter contributes to that effort by examining ways in which financial supervisors improve, safeguard and measure the quality of their supervision. For that, the remainder of this chapter is structured as follows. 2 concentrates on improving the quality of financial supervision. In this section we distinguish seven global trends that aim to further improve the quality of financial supervision by making it more forward-looking, more supra-institutional and more comprehensive in its approach.
The timing of this is always difficult. Risks may build up in the financial sector when the economy is on the rise, (over)confidence is gaining the upper hand, and attention for risk mitigation is subdued in favor of potential lucrative opportunities. In such circumstances, the public is less receptive to supervisory warnings, especially when these come with new restrictive powers for the supervisor. Besides public awareness, there is the issue of the supervisor’s accountability to the public and to political authorities.