From Donald T. Vangel's perspective, the movement toward risk-based supervision reflects fundamental changes to the landscape of financial risk management. He ought to know; prior to becoming a partner in Ernst & Young's risk management and regulatory practice group this past summer, Vangel was a 17-year veteran of the Federal Reserve Bank of New York, where he served most recently as senior vice president responsible for oversight of domestic banks and the U.S. operations of foreign banks.

MS: What was your experience at the Federal Reserve Bank with regard to changes in risk management?

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