In the aftermath of the financial crisis, the FSB and the G20 Leaders identified as a priority the need for more intense and effective supervision particularly as it relates to SIFIs. This report covers areas where supervisory practice is becoming more robust, while noting areas where supervisory practice still needs to be improved. One major change in many countries is a move to more extensive and deeper engagement with systemically important firms. This is evidenced by more frequent interaction with Boards, and in some cases more proactive engagement with firms in relation to their process for filling critical roles. Such efforts require seasoned judgement by supervisors. While light-touch supervision has been clearly rejected, supervisors are re-considering the range of approaches required to ensure effective supervision. In order to remain effective, supervisory focus needs to change with changing risks and circumstances. As an example, this report highlights the importance of zeroing in on operational risk at G-SIFIs, which has been a key risk in recent loss events at financial institutions. However, no supervisory system can catch everything. The main responsibility for identifying and managing risk rests with each firm's management, whose risk managers, compliance and internal audit personnel will always greatly outnumber the resources available to supervisors.