This paper concentrates on taking stock of recent international initiatives to strengthen the financial system and the role that the IMF has played, and will play, in them, especially in the context of surveillance. The initiatives covered are of two types: (1) those to assess the risk and vulnerability of financial sectors; and (2) those to develop standards and codes to foster sound financial systems. The paper does not attempt to analytically review the content of the initiatives, but rather “overviews” them, except in a few passing references in the closing section on remaining challenges.