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Every big bank has risk controls.
KPMG concluded HBOS had appropriate risk controls.
Balance sheets and risk controls were strengthened.
"Their risk controls are stronger in extending credit".
When asked about Mr. Greenberg's contention that risk controls at A.I.G. had loosened after his departure, Mr. Sullivan argued that risk controls had actually tightened since then.
While Wall Street trading desks use fairly stringent risk controls, many mutual fund managers do not.
Beijing's Banking Regulatory Commission ordered BoC to improve its risk controls to deal with the frauds.
He said he would also upgrade the company's risk controls and compliance procedures.
"They want risk controls, reduced leverage and more transparency," Mr. Reid said.
Even so, he called for stronger financial penalties for banks that failed to carry out adequate risk controls.
"It's all about having the best systems, the best people, the best products, the best risk controls," he says.
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