History
In the aftermath of the 2007 global financial crisis, governments embarked on many efforts to modernize their financial regulatory systems, including consolidating or creating new regulatory bodies, and to reform their financial regulatory requirements, such as revising capital standards or subjecting products to greater regulation.
In 2008, the INTOSAI Governing Board established the predecessor to the Working Group on Financial Modernization and Regulatory Reform (WGFMRR), named Task Force on the Global Financial Crisis. The goals of the taskforce were to examine the
1. Causes of the financial crisis and lessons learned;
2. Actions taken by countries to avert or minimize the crises concerning financial systems and the real economy; and
3. Challenges such crises present to supreme audit institutions (SAI).
In 2012, the INTOSAI Governing Board transformed the Task Force on the Global Financial Crisis into the Working Group on Financial Modernization and Regulatory Reform. In approving the transformation, the Governing Board recognized that the INTOSAI community must continue to enhance its expertise and capabilities to meet the challenges associated with overseeing national and global financial systems.
The board appointed the Comptroller General of the U.S. Government Accountability Office as the chair of the WGFMRR.
Goals
WGFMRR adopted three strategic goals to guide its work
1. Develop tools and knowledge-sharing opportunities to assist SAIs in evaluating national financial modernization and regulatory reforms;
2. Establish mechanisms for sharing information on the progress of reforms among SAIs and international bodies; and
3. Systematically track and synthesize information on reforms at national and international levels and identify gaps and emerging risks where additional study by the WGFMRR may be needed.
The Working Group has organized its members into three subgroups to meet these objectives, with China, Canada, and the United States chairing the subgroups, respectively.
Membership
WGFMRR’s 28 members are Austria, Brazil, Canada, Chile, China, Cyprus, Estonia, Finland, France, Germany, Hungary, India, Indonesia, Italy, Republic of Korea, Mexico, Morocco, Netherlands, Pakistan, Poland, Qatar, Russia, Saudi Arabia, Spain, Sweden, United Kingdom, United States, and the European Court of Auditors.
We continue to welcome the participation of interested parties that are not members of the Working Group and invite all interested SAIs to join the Working Group.
Contact Information
For suggested edits, questions, or comments, please email us at [email protected].