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The Road to Recovery: Are Regulatory and Industry Actions Just Wishful Thinking?

Published by: TowerGroup

Published: Sep. 22, 2008 - 5 Pages


Table of Contents



TowerGroup Take-Aways

New and more sophisticated technologies are needed if financial services institutions (FSIs) are to have the ability to measure risk adequately.

A reformed US regulatory landscape and financial system must consider global interdependence and foster increased global coordination or risk failing to achieve true reform and stability.

Bold US self-help policy initiatives appear self-serving and thus may delay true and necessary reforms that would help in restoring confidence in the integrity of the financial system — a key driver for economic recovery.

That the US mortgage industry's practices were the root cause of the global crisis should point to the failure of risk management strategies in an industry in which securitization schemes wove a fatal web of interdependence.

US central bank and regulatory officials' seeking broad authority to intervene in financial crises may actually create new risks at a time when the FSIs and their leaders should be first to take accountability.

Although the current economic downturn provides an opportunity to harmonize global regulation, true reform will not occur before 2010.

Report Coverage

Chicken or Egg?

Exhibit 1

Roads to Recovery

Regaining consumer and investor confidence is the shortest route to recovery

Existing risk management strategies must be improved.

Abstract

Central bank actions, regulatory declarations, and better industry transparency provide admirable but incomplete solutions to the global financial crisis, but such efforts cannot prevent an industry determined to maximize short-term profits from falling victim to long-term cycles. Boards of directors must take responsibility to avoid herd mentality, and leaders and managers must make decisions based on preauthorized levels of risk. Beyond these fundamentals, more sophisticated analytics and other risk management technologies must be developed. Without all these measures, financial institutions risk repeating past mistakes during the next economic bubble, which will inevitably burst.

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