BIS central bankers’ speeches  3  In the summer of each year, we start the preparatory work by conducting a top-down annual risk stocktaking exercise together with the ECB’s financial stability experts as well as colleagues from the national competent authorities. Additionally, we assess changes in the regulations and bring in supervisory insights via a bottom-up approach.
Concluding remarks There can be no doubt that the game has changed for central bank reserves managers. The fast changing world and investment landscape is requiring of reserves managers to adapt to a playing field that is characterised by high levels of uncertainty and volatility, resulting in the need to reconsider investment strategies on a more frequent basis.