FSB peer review report on risk governance

The Financial Stability Board has published a peer review report as part of its thematic review on risk governance: see here (pdf). The accompanying press release, which provides a brief overview of the report's findings, is available here (pdf). The report makes several recommendations, one of which is that standard setting bodies should review their governance principles to take into account the FSB's sound risk governance practices (as outlined in the report). In part this recommendation is made because of the FSB's finding that firms' progress has been uneven in developing and implementing effective risk appetite frameworks.