With over 60 member central banks, it has been setting global standards for 90 years now. It is home to a number of significant standing committees which work towards harmonising financial and banking systems.
If the person who tests the pool water also swims in the pool every day, then they have some extra incentive – some ‘skin in the game’ – to ensure that the water remains safe. By having minimum ‘skin in the game’ requirements, banking regulators ensure that the owners of a bank have something at stake, something to lose.