Many of the problems in the Financial Services industry point to the need for significant upgrade in governance and risk management. Supervisors are increasingly turning their attention to risk culture and gaining a better understanding of how boards and management can more effectively manage their strategic and operational risks. Many of the problems still prevalent point to a need to upgrade significantly the governance and risk management at firms. Much work is already underway, but much more needs to be done. As firms get to grips with their business strategy, risk appetite, risk culture and management, they will need radically different management information which only significant investments in core and critical systems, as well as emerging analytic technologies, will provide.