Pandit on Comparing Apples and Risk

For someone who has been criticised a lot over recent years, Vikram Pandit CEO of Citigroup, seems to have come up with an interesting risk management idea in his latest article in the FT. Vikram proposes that regulators put together an standard, multi-asset "benchmark" portfolio that all financial institutions would have to provide risk numbers on, enabling regulators to understand more of the risk management capabilities of each institution and avoiding any detailed disclosure of the portfolio actually held by each firm.

I guess a key thing would be that such numbers would have to be disclosed to the regulator away from public view, since we all know that otherwise the numbers would converge and all the banks would be doing the same thing (or at least copying each other's numbers?). Reminds me of a great talk at the RiskMinds event a few years back, praising diversity of approach and criticising regulators for effectively forcing everyone to do the same thing.