What is required in Asian financial sector policy

Dominic Barton has an interesting article Taking stock: Ten years after the Asian financial crisis in The McKinsey Quarterly which is worth reading. His checklist of what needs to be done in Asian financial sector policy is:

1. Embed and deepen risk-management processes, capabilities, and culture in financial institutions.
2. Ensure that top management, both in the private sector and in regulatory bodies, conducts annual scenario- and contingency-planning exercises.
3. Shift the major banks emphasis in corporate governance from hardware to software.
4. Focus on developing talent.
5. Increase and intensify the formal cooperation and interaction among government bodies with economic responsibilities.
6. Formalize and greatly increase the interaction among regulators and supervisors across Asia.
7. In each Asian country, launch master plans, developed cooperatively by both the public and the private sectors, for the financial system.

I think the combination of the international-finance-focused MIFC report and the (work-in-progress) domestic-finance-focused Raghuram Rajan report will add up to an excellent master plan for India to pursue.