Abstract

The weaknesses in banks' governance and internal control systems uncovered by the financial crisis led to the introduction of a new regulatory package, both at national and international level. The paper discusses the rationale for this innovation and its impact on corporate governance and organization. It highlights the desired evolution toward a board capable of taking good decisions thanks to a diverse set of experiences, qualifications, age and gender mix, providing executives with advice and consultation from multiple perspectives. A special focus is set on the new strategic role played, in the internal governance system, by the risk management function.