这道题怎么做呢，没有很理解

问题如下：

Question: A junior analyst has just started working for a national banking supervisor and is training for a position as a bank examiner. As part of the training program, the analyst is asked to explain how banking regulations evolved as a result of the 2007 – 2009 financial crisis to encourage better risk governance. Which of the following correctly describes an impact of regulations that were introduced as a result of the crisis?

选项：

A.

Banks were required to securitize all the mortgages they originate in order to distribute risk across financial institutions.

B.

Banks were encouraged to establish an independent risk management function with access to the board of directors.

C.

Proprietary trading operations were merged with traditional banking operations to provide banks better governance over their trading desks.

D.

Derivatives were encouraged to be traded OTC rather than centrally cleared to provide greater transparency.

解释：

Explanation:

B is correct. One of the key governance recommendations is that banks should establish an independent risk management function with access to the board of directors. This prevents the risk function from being suppressed, as it would be if it was subordinate to other divisions such as trading operations, and ensures that the board is advised of risk issues.

A is incorrect. Securitization was a key contributor to the crisis, as many tranches of securitized mortgages had very high credit ratings but collapsed during the crisis as investors and rating agencies underestimated the potential for all the mortgages in a securitization to go down together. Post-crisis governance did not encourage increased securitization.

C is incorrect. Dodd-Frank’s Volcker rule, for example, prohibited banks from proprietary trading, and around the world many trading operations were required to be (or were voluntarily) divested from banking operations.

D is incorrect. Post-crisis regulation encouraged central clearing when possible.

Section: Foundations of Risk Management

Learning Objective:

Explain changes in regulations and corporate risk governance that occurred as a result of the 2007-2009 financial crisis.

Reference: Global Association of Risk Professionals. Foundations of Risk Management. New York, NY: Pearson, 2022. Chapter 3. The Governance of Risk Management.