1. The reviews, which use the Integrated Risk Information System (IRIS), are an important step in an already backlogged process, GAO officials said.

2. In particular, the minority report said, "leadership and managerial failures to set expectations and requirements and a failure to hold people accountable ... promoted a lack of engineering rigor, discipline and integrated risk assessment." During an August 18 NASA press conference, NASA Administrator Mike Griffin said he had not yet read or discussed the full Stafford–Covey report, including the minority report, but welcomed all comments.

3. This includes having an effective, codified and transparent system for evaluating the impact of guarantees, group structures, inter–asset class correlations, pricing and limit setting and management.» «While process has been key for Pillar 1, much of it is related to the technical execution of executing and validating probability of default, loss–given default and exposure at default measures,» Waterhouse said. «With Pillar 2’s focus on firm–wide overall capital adequacy, the focus switches to ensuring a ‘top down’, integrated risk position and a strategy around this.

4. To help promote scientific research, the president‘s 2007 budget request includes: ––$7 million for a Water Infrastructure initiative, a major research effort that will generate the science and engineering needed to evaluate promising innovative technologies to reduce the cost of operation, maintenance, and replacement of aging and failing systems for drinking water and wastewater treatment; ––$4 million in additional support for 2007, for a total of $8.6 million, to study the impacts of manufactured nanomaterials on human health and the environment and nanotechnology‘s potential beneficial uses; ––$8.' million 2007 funding for the Integrated Risk Information System (IRIS), an internet database of information on the potential human health effects of environmental substances; and, ––$15 million 2007 funding for the Computational Toxicology program.

5. Of course, for those banks that work through Pillar 2 successfully, the regulatory hurdle it represents for others can be a profound source of competitive advantage.» Executing an enterprise–wide, transparent risk capital system and firm–wide portfolio approach were among the key challenges faced by banks as they move to adopt Pillar 2, Waterhouse said. «The irony for some of the more sophisticated banks that moved early to more complex economic capital management is that business unit or department–specific execution may actually now challenge meeting Pillar 2 as central to Pillar 2 is firm–wide, transparent and consistent implementation of risk capital management,» Waterhouse said. «Internal Rating–based banks will need to demonstrate a robust and objective approach to an integrated risk capital calculation.