Preventing Future Financial Crises
On January 25th 2017, Shirazi Foundation’s outreach manager Ibrahim Jabbar attended a symposium hosted by the Atlantic Council titled, “The Power of Transparency Series Too Big to Fail? The Power of Transparency in Preventing Future Financial Crises.”
Mr. Richard Berner, Director of the US Office of Financial Research (OFR), informed the attendees about how transparency helps various agencies achieve financial growth. The expert explained how the system operates and that certain parts of the financial system affect other parts in terms of data and policy. Mr. Berner also suggested that different size financial institutions have to be handled in a different manner. The speaker also mentioned the importance of collecting data that is accurate and placed a high importance on the various forms of stress testing for a financial shock to the economy, for example, cyber security shocks to U.S. finance may be different from others.
Shirazi Foundation believes transparency is an important factor to long-term security in all levels of entities, private or public.