The International Swaps and Derivatives Association board has formally broadened the group's mandate to include risk management.

The board voted to incorporate into the association's certificate of incorporation and bylaws a mandate that was approved at a previous session.

Gay Evans, the association chairman and senior managing director of Bankers Trust International, said the shift reflects an inherent function of the derivatives contracts traded by the association members.

"In reality, the understanding and discipline of derivatives and risk management are inseparable," she said.

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