For the most part, regulators and policy makers around the globe have "bought in" to the global regulatory reform agenda brought about by the financial crisis. But, there are differences of opinion on whether the reforms that are underway are up to the task of enhancing the resilience and robustness of the global financial system. Mr. Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, raises some interesting and serious questions about our understanding of global financial risk, and some of the assumptions underlying our reform efforts. In his May 28, 2013 speech before the Hong Kong Monetary Authority-Global Association of Risk Professionals, Mr. Chan raised thoughtful questions, the answers to which would have fundamental relevance to the nature and shape of the global financial system going forward.