The bank turbulence in the Spring of 2023 precipitated questions, hearings, and action plans directed at supervisory authorities. Doubts were raised by some as to whether the international reform agenda following the Global Financial Crisis (GFC) had been appropriately targeted and calibrated, and effectively implemented. The last time questions were raised regarding deficiencies in prudential regulation and supervision of banks, after the GFC, the International Monetary Fund (IMF) had emphasized that strengthening regulation, while necessary, would be insufficient, and that reinvigorating supervision was just as important. The 2010 Staff Position Note on “The Making of Good Supervision: Learning to Say ‘No’” emphasized the importance of the will and ability to act as central to good supervision, and hence, to safeguarding the soundness of banks and stability of the system. This paper takes the recent banking turbulence as a timely opportunity to review the case for good supervision which was spotlighted by the events in March. It reviews progress made in delivering effective supervision, seeks to consider practical examples of supervision in action, and examines whether the test of good supervision has evolved in the intervening period.