Regional systemic risk initiatives that encompass other agendas could fragment the G-20's initiatives, turning Basel-style integrated risk management frameworks into a tower of Babel.
Regional initiatives expose the cultural, business, and political sensitivities of global systemic risk management and will increase cost and complexity because of different application of rules in diverse jurisdictions.
While Western financial services institutions (FSIs) struggle to put the crisis behind, Asian FSIs are performing well, hastening the shift of global financial power toward the East.
Global technology and service providers must accommodate diverse approaches to corporate governance, transparency, risk, and financial regulation.
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