8 9  https://www.ukfinance.org.uk/sites/default/files/uploads/pdf/UK-Finance-UK-Payment-Markets-Report-2019-SUMMARY.pdf https://www.gov.uk/government/speeches/mansion-house-dinner-speech-2019-philip-hammond 5  All speeches are available online at www.bankofengland.co.uk/news/speeches  5  Third, how should we respond to completely new systems for holding and transferring value which work not in central bank or commercial bank money but a new form of asset – a ‘stablecoin’? Under what regulatory conditions should they be allowed to operate – if they are allowed to operate at all? Fourth, and perhaps most fundamentally, if technology is able to offer new ways to store value and make transactions – two of the three core functions of money – where should the public-private sector boundary lie? Over the course of the last few centuries, the store of value for most citizens has increasingly taken the form of private, commercial bank, money. Over the last few decades, the same shift from public to private has happened for transactional money. The shift is accelerating and potentially new forms of private money are on the horizon. Against that backdrop, does technology offer us the chance to shift that balance back towards state money and, if so, should we take it? Central banks all over the world are grappling with these questions. These are not just national issues. Central banks and other actors internationally are also addressing the important and related question of how these technological opportunities could be used to improve the systems for transferring money and making payments across borders.

Compliance efforts will be effective and sustainable only in organizations where Compliance emerges from an ongoing board-level engagement. Compliance management therefore is the execution of business processes designed to manage risks and to continuously benchmark against expected parameters/tolerance levels applicable for the entire industry. 1.6 Compliance is considered to be costly, time consuming and an onerous endeavor. But, many financial institutions understand the criticality and the importance of better GRC and they are willing to devise strategies for leveraging their GRC systems to derive value as well as increase their compliance performance. Behind all these imperatives is the commitment at all levels to manage GRC in an integrated manner and inculcate the culture across the financial services industry. 1.7 The three GRC imperatives are interrelated in financial business and implementing them in isolation or treating them as separate elements would not be fruitful. In the past, most organizations have traditionally viewed, and some still continue to treat, GRC as separate components. The emerging perception of GRC is that it is an integrated set of concepts and, when applied holistically within an organization, it can add significant value and provide competitive advantage. Further, the holistic approach would be more efficient, consistent and legally sound and the Boards of Directors, senior management and staff at all levels would be involved in the organization’s conduct of business. Most financial institutions have viewed GRC as discrete activities undertaken by different departments with no coordinated efforts.