While the roots of recent institutional failures run deep, this past northern summer has revealed substantial compliance, risk management and governance failures at major international banks at an unprecedented level. The exposure of a new wave of scandals at JPMorgan Chase & Co, HSBC Holdings plc, Standard Chartered Bank plc and the panel-member banks under trans-Atlantic investigation for the manipulation of the London Interbank Offered Rate points to systemic governance failures that also call into doubt the structural integrity of current models of financial regulation. Taken together it suggests that both regulated entities and their regulators face a profound legitimacy and authority crisis. The causes of the problems facing the banking industry and its regulators, while complex, share a common theme. They derive from a failure to integrate what we term the five core dimensions of internal and external oversight: Compliance, Ethics, Deterrence, Accountability and Risk.