It is also an appeal for application of a timehonored managerial principle: greater autonomy and discretion of local management to develop a tailored approach that balances risk, complexity, and effectiveness appropriate for the needs of a particular institution, and a corresponding accountability upon local management for the results. Absent this sensibility I will state my fear plainly: beware the risk management industrial complex. Provocative Question Number 3: To what extent might the invocation of manual procedures in “protracted outage” scenarios exacerbate rather than assuage from a financial stability perspective? As you know, the CPMI-IOSCO cyber guidance exhorts financial market infrastructures to consider alternatives for processing critical transactions in the event automated means of recovery are not successful. We are therefore compelled to consider not merely “star wars” resiliency but also “stone age” contingency. Locally, this work proceeds across multiple fronts, including analyzing and parsing our transaction flow to identify systemic activity, developing procedures and tools to facilitate 3/5  BIS central bankers' speeches  operations in a manual mode, and conducting simulation exercises with systemically important customers and interfacing financial market infrastructures to test our hypotheses and procedures. I would be remiss, especially in recognition of our Clearing House venue, not to herald our partnership to support each other in the event either the Fedwire Funds Service or CHIPS experiences an operational disruption from which it cannot recover on a same day basis.

3.4  Monetary and financial statistics  The Bank of Albania plays a key role in the national statistical system, as an institution responsible for the production and dissemination of monetary statistics and external sector statistics. In 2009, the Bank of Albania continued to develop and disseminate monetary statistics and external sector statistics, aiming at:   the further approximation of the methodology with the recommendations and best international practices,    enhancing the quality of data through the improvement and automation of control processes, and    increasing the number of released indicators and detailing of aggregate indicators. 3.5  Strengthening of research capacities  Based on the tradition of the best international models, the Bank of Albania has been ever-increasingly paying special attention to enhancing the research capacities in the field of economy and finance. Our guiding philosophy has been the improvement of the Bank of Albania decision-making, basing it on scientific conclusions and empirical results. The study of different economic phenomena is now based on complete or partial econometric models that allow the drawing of conclusions and reliable forecasts. Our future challenge will be the further refining of these models and their growing use in the Bank of Albania decision-making. 4. Bank of Albania’s financial statements  The financial statements of 2009 were audited by an Independent Auditor and they give a true and fair view of the Bank of Albania’s financial position for 2009. Bank of Albania’s financial position has improved further.