(Bruce Hogan) This discussion considers four key areas: the post-Wallis disaggregated regulatory framework; a possible conflict of interest between banks' incentive structures and risk management; capital adequacy and increasing regulatory reliance on banks' internal models; and the special role of banks and the regulatory implications of this role. (David Knox) A number of common themes have emerged throughout the papers in this Volume. This discussion draws together some of these themes and makes a few suggestions in respect of 'unfinished business’. (Bob Joss) Over the past decade, the ability of banks to manage risk has improved dramatically. Much of this improvement can be attributed to an expansion of the available set of risk management 'tools'. Financial institutions typically think about risk in three dimensions: credit risk, market risk and operational risk. This discussion outlines the banking industry's approach to managing each of these different risk types. (George Trumbull) My comments stem from the G7 Finance Ministers' and Central Bank Governors' proposed actions to address the weaknesses in the emerging market economies and in the international financial system more broadly. Specifically, there has been much discussion on the scope for strengthened prudential regulation in industrial countries.
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