1 In this work agenda, the Federal Reserve cooperates closely with other regulators to facilitate joint responsibility  for financial stability while respecting that each independent agency has its own specific statutory mandate and governing body.
2 In addition to cyclical vulnerabilities, structural vulnerabilities, such as those that arise from the complexity and  interconnectedness of large financial institutions, also remain potential sources of risk to the financial system. The Federal Reserve assesses structural vulnerabilities in support of its financial stability and supervision and regulation responsibilities. For instance, cybersecurity is the subject of ongoing monitoring and policy efforts.