As part of the efforts to improve the standard of pen-testing in Malaysia, Bank Negara Malaysia facilitated the formation of a task force last October, to set up a Malaysia chapter of the UK-based Council of Registered Ethical Security Testers or CREST, which will serve as a certification body for ethical hackers. We believe that this is a good platform to grow domestic talent in this area and promote international best practices in penetration testing. c. The Bank has also launched the Operational Risk Integrated Online Network or commonly known in the industry as the ORION system, to enhance the standard of operational risk 2/5  BIS central bankers' speeches  management in the financial sector. ORION is a risk surveillance system that consolidates information on operational risk incidences, including cyber-attacks. The system will strengthen the Bank’s ability to perform system-wide monitoring and early detection of developing trends in cyber-attacks and frauds within the financial sector. Moving forward, Bank Negara Malaysia is looking to address identified gaps in technology risk management practices within the financial sector. As part of this effort, the Bank is in the midst of conducting a comprehensive review of existing technology risk guidelines, including enhancing the expectations for the board and senior management to play a more active role in managing technology risk, and enhancing the resilience of IT infrastructures such as data centres. In today’s world where there is increasing uncertainty of what the future may hold, it is no longer possible for risk managers to rely solely on historical trends.

Given the importance of enterprise risk management, efforts need to be directed to give prominence to this function. It is time for the stature of risk functions to be elevated. Professional bodies like the IERP play a crucial role in stewarding this transformation by equipping risk management experts and raising their credibility through branding and professional qualifications. Events like this conference can help propel the risk management agenda forward. However, beyond technical competency, risk managers increasingly require confidence and communication skills to be the resounding voice in promoting risk culture. Risk managers need to have a seat at the executive table and play a role in shaping the risk profile and risk culture of your organisations. A study conducted by Harvard Business School highlights how leadership and communication by risk managers can influence the significance of their role within organisations. As expected, the study found that risk managers that proactively sought opportunities to raise their visibility were able to assert risk management perspectives and were better able to position themselves as critical voices within organisations. Ladies and gentlemen The task of a risk manager in an organisation is like that of a ship navigator. As you work closely 4/5  BIS central bankers' speeches  with your captain to navigate your ship across unknown waters, your job is to ensure you get your ship to its destination in one piece. You never know what hazards may lie ahead but whether it be foul weather, rough seas or hostile forces, you stand ever ready to face them.