The conclusions of the Federal Reserve’s review of SVB implicitly stated that two of the three critical weaknesses of the bank were governance and risk management. The further conclusion of the review was that while SVB was compliant, compliance alone was inadequate because the regulation and the supervisory frameworks were inadequate in preventing the bank’s failure. The collapse of the second and thirdlargest banks in US history has set the stage for a new wave of regulation to reinforce neglected gaps in global financial services from the United States, European Union, United Kingdom, the Commonwealth and beyond.
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