GAO: Regulators’ Oversight of Large Financial Institutions is Lacking. Report Faults Agencies for Failing to Assess Risk Management Systems. Failure of large institutions to properly identify and manage risks raises questions about corporate governance. Regulators identified numerous weaknesses in the institutions’ risk management systems before the financial crisis began. Regulators also identified weaknesses in models used to measure and manage risk, but may not have taken action to resolve these weaknesses. The Federal Deposit Insurance Corporation (FDIC) was not included in this report because it does not examine large, complex institutions.”]
Source: https://www.cuinfosecurity.com/gao-regulators-oversight-large-financial-institutions-lacking-a-1303