Finding the right balance between risk and regulation (Richard E. Waugh, President and Chief Executive Officer, Scotiabank)
The right way to strengthen the global financial system and prevent future crises is to ensure strong, sustained profitability with a low to moderate risk appetite on the part of all participants, says Richard E. Waugh, President and Chief Executive Officer of Scotiabank.
Speaking at Scotiabank's annual general meeting in Halifax, Mr. Waugh acknowledged the need for regulatory change but cautioned against "one-size-fits-all rules" that underestimate the value of strong institutional practices.
"The focus must be on looking ahead to prevent the next crisis, not focusing on protecting against the last one," he said.