Big banks must improve their governance and control systems if are serious about limiting threats to their stability, a top official at the Office of the Comptroller of the Currency told bankers. Vance S. Price, deputy comptroller for international banking supervision at the OCC, said he had three major concerns about the banking industry: the impact the multitude of new regulations are having on bank resources, credit risks from weak lending standards, and operational risks from lax systems. "If I pick one of the three ...[it] is strengthening your company’s governance and control systems and risk management ... that automatically reduces the risk of the other two. That is one item that you can have an impact on and our expectations that you do so," said Price who was speaking at the Institute of International Bankers annual conference in Washington. Price said the OCC wants banks with more than $50 billion in assets to focus on the risks connected to the systems that they
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