Since the start of the world financial turmoil a lot of urgent questions arouse for the financial and banking sector concerning necessary reforms and changes in day-to day operations, strategy and regulation. There are several key-points that occupy minds of the practitioners and scholars worldwide ever since. In this respect the vital importance of governance and risk issues for the financial sector was re-emphasized by bank professionals, supervisors and standard setters. How should markets and financial institutions be governed and regulated with regard to risk framework and performance?...