A second major report has been released by executive vice president in charge of the Bank Supervision Group at the Federal Reserve Bank of New York, and Chairman of the Senior Supervisors Group. The report reviews the funding and liquidity issues central to the recent crisis and explores critical areas of risk management practice warranting improvement across the financial services industry. The first report, Observations on Risk Management Practices During the Recent Market Turbulence, was released March 6, 2008.