strong, but there is still much to accomplish. so we have recently spent some time identifying our key strategic priorities, to make sure we have a good means of deciding what we really must do. as you may have seen, these priorities were endorsed by the group of governors and heads of supervision ( ghos ) at the same time they endorsed and announced the revisions to the lcr. the committee ’ s primary focus in the short and medium term is completing and embedding the full suite of responses to issues that emerged from the financial crisis. with that in mind, foremost consideration will be given to five priority areas : 1. completing the crisis - initiated reforms of the policy framework ; 2. monitoring and reinforcing the implementation of basel regulatory standards ; 3. assessing the impact of, and industry response to, implementation of the regulatory reforms ; 4. examining the comparability of model - based internal risk weightings and considering the appropriate balance between the simplicity, comparability and risk sensitivity of the regulatory framework ; and 5. enhancing the effectiveness of both micro - and macroprudential supervision. completion of the crisis - initiated reforms of the policy framework as i have already highlighted, the policy reforms initiated in response to the financial crisis are not yet complete. while the basic frameworks for risk - based capital and, more recently, liquidity are now largely settled, many of the other reforms i noted earlier remain very much a work in progress. to ensure that the weaknesses in the regulatory framework brought to light by the financial crisis do not persist for any longer than necessary, the committee is aiming to have much of this work completed by the end of 2014. this is an ambitious target, but given the importance of these reforms, there is no basis for unnecessary delay. our plan is for the leverage ratio work – which is largely devoted to the detailed specification of the exposure measure ( ie the denominator ) of the ratio – to be largely completed this year, while the nsfr, trading book, securitisation and large exposures policy work will be finalised in 2014. the committee also has two other major policy initiatives that it plans to launch soon. while not obviously thought of as immediate and essential responses to the financial bis central bankers ’ speeches crisis, they are nevertheless quite important for ensuring that the overall prudential framework remains robust, and existing reforms are effective. these projects are : • a review of the standardised ( credit and operational risk ) approaches to capital ade

collection and analysis of data to help us assess the quantitative impact of a particular policy. quantitative impact studies ( qis ) have become a central element of the committee ’ s work, and we have a full slate of qis exercises planned for this year. alongside the semiannual basel iii monitoring reports, almost all of the policy initiatives i have just mentioned have one or more data collections or impact studies planned. while this can be a burden for banks and supervisors, this hopefully makes for well informed policymaking – so is well worth the effort. in addition to all of the policy and analytical work, the committee intends to : • continue to monitor members ’ commitments to the timely implementation of agreed reforms. to date, this has focused on capital, but will be expanded over the next year to encapsulate local implementation of the lcr, as well as the frameworks for global and domestic systemically important banks ( g - sibs and d - sibs ), since these come into effect over the next couple of years ; • undertake a full set of implementation assessments for 2013. we will conduct reviews of singapore, switzerland, china, australia, brazil and canada. follow - up bis central bankers ’ speeches reviews of the european union and the united states are also planned once their basel iii regulations are finalised ; and • publish a report on the initial, detailed review of risk - weighted asset calculations for the banking book ; we hope to publish the full results by the summer. together with the recently published results on the trading book, this analysis identifies the specific drivers that lead to variations in risk weights for similar exposures. the committee ’ s next step will then be to consider policy responses to reduce any unwarranted variability and to therefore improve the comparability of banks ’ ratios. a theme i will be returning to is the importance of this implementation monitoring work for the committee. while it is a relatively new component of the committee ’ s mandate, it should not be seen as an adjunct to the committee ’ s standard - setting role. rather, it is absolutely critical to successfully delivering desired policy outcomes. where to next? as you can see, the committee is engaged in a variety of projects that require us to combine the efforts and input of regulators and supervisors across a large number of countries. this is a challenging task. an even greater challenge, however, is prioritising among competing projects to achieve our most pressing objectives. the committee ’ s response to the financial crisis has been