The Basel Committee on Banking Supervision called on banks Monday to institute risk-management plans.

The international panel of bank regulators said directors and senior executives are responsible for promoting high ethical standards and establishing a culture that emphasizes internal risk control. Risk management activities should be an integral part of a bank's daily operations, the committee said.

The committee outlined its risk management views in a paper, "Framework for the Evaluation of Internal Control Systems," which is being distributed to supervisory agencies and banks around the world. Comments are due to the Basel Committee by March 30.

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