To address fundamental deficiencies in bank corporate governance that became apparent during the financial crisis, the Basel Committee on Banking Supervision has issued a final set of principles for enhancing sound corporate governance practices at banking organisations. Key areas of particular focus include: (i) the role of the board; (ii) the qualifications and composition of the board; (iii) the importance of an independent risk management function, including a chief risk officer or equivalent; (iv) the importance of monitoring risks on an ongoing firm-wide and individual entity basis, (v) the board’s oversight of the compensation systems; and (vi) the board and senior management's understanding of the bank's operational structure and risks.