During Prime Minister’s Questions on 21st January, British Prime Minister Gordon Brown announced that risk management standards will be on the agenda at the next G20 summit, which will take place in London on 2nd April.

In the final question of the session, Linda Gilroy, MP for Plymouth, Sutton, asked: “What is being done to drive up performance and behaviour across the banking sector so that our constituents can have confidence that the billions of pounds of their hard-earned taxes that are being used to bail out the banks is money well spent?”

Gordon Brown replied: “That is exactly the matter that is being discussed now internationally to agree common standards of disclosure, common standards of transparency, common standards of risk management by the banks and common standards of responsibility to be taken by board members. We will do better by getting an international agreement on these standards and I believe that that will feature in our discussions at the G20 summit on 2nd April.”

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•Date:22nd January 2009• Region: UK •Type: Article •Topic: Operational risk
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