Learning from experience is not new for supervisors. Some of the lessons we learnt from the global financial crisis are still fresh in memory. The International Monetary Fund listed the key takeaways in the masterly paper, The making of good supervision: learning to say ‘no’.

However, going by the recent bank failure experiences in the US, it seems financial supervisors are still grappling with the challenge of saying ‘no’ with conviction. Pinpointing a problem to a supervised entity is not an