For example, at the height of Congressional concern  BIS Review 68/1997  -4-  about financial derivatives, the Group of Thirty sponsored a study to identify principles of sound practice for managing risks in derivatives for both dealers and end-users. By providing guidance on this issue, that study served as a catalyst for industry participants to analyze and evaluate their own practices.
Subsequent guidance from the Federal Reserve and the Comptroller benefited from the insights provided by the study, while adding a supervisor’s perspective. The study’s emphasis on education and sound practices spurred greater understanding and acceptance by the industry of supervisory recommendations for sound risk management systems.