As the World Economic Forum opens this week in Davos, Switzerland, a number of leading business executives are offering their views on top agenda items for the business summit.
John Mack, Chairman of investment bank Morgan Stanley, says that in the wake of the global financial crisis of 2008-09, the number one issue for the financial industry is regulation.
“We need to find some link to bring regulators around the world together, and a more systematized way of communicating and understanding risk,” Mack says. “We need to figure out a way that we have a systemic risk manager and make sure they have the resources to understand, monitor and help regulate our industry.”
In monitoring risk, Mack says, regulators should be able to see the big picture – “our regulators should see it all” – so they can give guidance “and, in come cases, orders” to global banks and financial institutions.
You can watch the video here.