Firstly, in line with existing practice for the credit, compliance and treasury functions, key personnel in other critical functions will also be required to acquire the appropriate specialised qualifications to better equip themselves in performing their respective functions. For example, staff who are involved in the development of internal models or those that carry out penetration testing to address cyber threats shall undergo specialised training and certification in the relevant fields to ensure effectiveness in discharging their role. To ensure smooth implementation, the industry is expected to work with AICB and the regulators to jointly develop the curriculum and a working timeline for implementation. 2. Secondly, to ensure that adequate attention is accorded to quality training and human capital development, the Bank will extend its supervisory oversight to review the quality of staff training expenditure. Capacity and capability development will be reinforced through qualification-based training and certification provided by professional bodies such as AICB. In this respect, the Board of financial institutions shall devise appropriate incentive structures to promote such programs by according appropriate weightage in the performance appraisal of senior management, including the chief executive officers. 3. Thirdly, I wish to lend my support to a proposal, that sometime into the future, all reporting submissions made by banks to Bank Negara Malaysia are to be undersigned by a Chartered Banker. This practice is not new. It is akin to the insurance industry where qualified actuaries are required to certify certain submission to the central bank. This idea came from a senior banker amongst us.

With this requirement, my wish is that it will provide an impetus to the attainment of the chartered banker qualification. Second is Character. If competence represents the ‘head’ of a professional banker, then character must surely be the ‘heart’. Over the last decade, the ethical scorecard of the financial sector was blemished by irresponsible risk-taking and opaque practices of bankers in the lead up to the global financial crisis. Ethical lapses and conduct failures in more recent years have compounded matters. Far too often, we witness the rise of bankers who are highly competent but ethically deficient. Worse, we allow and tolerate such practices. This is unsustainable. It also tarnishes the reputation of the many who spent their lifelong careers in the industry, and who hold the profession with great dignity and regard. Another principle worth attention in the Hippocratic Oath is the adage, “Do no harm”. There is a lot of richness in this ethos. It is worth emulating. Considering that consumers come into contact with banking personnel far more frequently than they visit their doctors, one may even argue a higher expectation ought to be applied for the banking industry. The Bank has actively worked towards reinforcing this objective over the years. The Bank believes that when the right set of fundamental principles is followed, it can positively shape the 2/4  BIS central bankers' speeches  actions and behaviour of people. Therefore, the Bank, in consultation with the industry, is due to publish five universal ‘Principles for a Fair and Effective Financial Market'.