Five years after the financial crisis, large and complex financial firms are still falling short when it comes to assessing risk from counterparties, global regulators said in a report on Wednesday.
The report, an outgrowth of the 2008 financial crisis, aims to give supervisors information about large firms that engage in a broad array of financial transactions with other institutions. In the aftermath of the crisis, progress measuring counterparty risk remains uneven and unsatisfactory, according to the report of the Senior Supervisors Group, which is comprised of senior financial global supervisors. The report captures information from 19 global institutions, including Credit Suisse, Bank of America and JP Morgan Chase.