Part of this task involves better understanding the role and risks of technology in banking organizations. The Year 2000 experience was instructive to many within the supervisory community on the importance of technology to financial business processes. We are attempting to preserve the lessons we learned by integrating technology considerations into our ongoing supervisory process in several ways.
For example, traditionally, the Federal Reserve and the other federal banking agencies have conducted separate reviews of information technology operations and had assigned these activities separate examination ratings (similar to CAMELS ratings). Earlier this year, we decided to merge these  3  BIS Review 91/2000  reviews into the mainstream bank supervision process.