These include those with backgrounds in risk, cybersecurity, artificial intelligence, digital strategies and products, compliance, and corporate finance. Increasingly, with the impact of climate change and green financing, new demands will include climate modelling techniques, and environmental accounting. Second, organisations have no choice but must upskill and reskill to strengthen workforce preparedness. As all of you know, retaining the right talent and investing in their development is much more sustainable and less costly compared to constant acquisitions to replace good talent that leave. Consistently developing talent, succession planning, on-boarding, and having good corporate learning are all at the heart of successful high-performing organisations. Good corporate learning and development strategies include customising learning pathways to close skills gaps, and providing career pathways that allow mobility and exposure, where people can learn different aspects of the business. Third, like in other parts of our operations, organisations must leverage digital learning for greater impact. And yet, we should pay equal attention to human aspects that technology cannot replace, including executive acumen and leadership. The past year alone has seen the forced shift from traditional classroom learning to virtual channels. This has seen a surge in self-paced and online learning. With adaptive learning pathways that are powered by algorithms and AI, people can learn faster based on their own unique learning needs. But, when the situation permits, it will need to be balanced with higher interaction and face-toface learning especially in building executive skill sets.

For instance, in some net systems several settlements occur throughout the day, often in conjunction with various forms of exposure limits and collective guarantee arrangements. Certain gross systems have solved liquidity problems with new queuing solutions (algorithms), often in combination with new forms of central bank loans (primarily against security). We thus see some convergence towards a new type of clearing and settlement system: “secure” net systems or “optimised” gross systems. This does not mean a reduction in the risk-reduction measures placed on such systems; if anything, the minimum requirements have become stricter. And, fourth, there is a greater consensus on the (international) standards that must be met by the payment systems. The Lamfalussy minimum standards are well known. They were drafted by a G10 committee at the beginning of the 1990s, and are minimum requirements intended to reduce the risk in large, international clearing and settlement systems. Gradually, they have also become standards for corresponding national systems. According to the Lamfalussy standards, payment systems should have a well-founded legal foundation, the risk should be known and understood, the division of responsibility and risk limits should be clearly defined, settlement should be completed - even if the largest participant experiences payment problems, and there should be publicly-disclosed admission criteria and satisfactory back-up routines. 1 2  RTGS = real-time gross settlement. If the banks practise early crediting (based on queuing information) the credit risk will also arise in a gross system.