The boards of big banks operate very differently than they did before the 2008 financial crisis, according to a new report issued by PricewaterhouseCoopers. “Our observations of the policies and practices of the largest U.S. banks indicate that boards have undergone structural and functional transformation in recent years,” say the report’s authors.
For instance, pre-2008, most of the biggest banks didn’t have dedicated risk committees at the board level. Responsibilities were spread out to the audit committee or among several entities. This issue was addressed through legislation, issued by both domestic and international regulators, such as the Basel Committee for Banking Supervision and the Federal Reserve’s Enhanced Prudential Standards.
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