Mitigating risks of a systemic nature and their impact is one of the core elements of macroprudential policy. The actual implementation of the policy involves relatively many areas. The most important part of policy implementation is the application of legislative instruments. This is a relatively strong form of response to the existence of risks, but there are also other instruments and approaches. For a start there is active communication toward the public through the publication of reports and analyses. Communication may include commentary, reviews or recommendations for the financial sector. Policy implementation may include also direct communication with financial institutions with a view to influencing their behaviour. A separate form of policy implementation consists in initiatives for on-site inspections, or off-site supervision in response to facts learnt, or initiatives for regulatory changes. Internal responses may include changes to risk-measurement models. Furthermore, the NBS may respond to certain trends or risks by introducing new reporting requirements for financial institutions. Since some instruments, for example the countercyclical capital buffer, require quarterly review, the NBS will take decisions regarding macroprudential policy on a quarterly basis. However, it retains the option to change the policy whenever necessary.