Despite their cost magnitude, we persist  BIS central bankers’ speeches  1  with these investments because we believe that once properly leveraged they will enable the organisation to do more with less by: (i) increasing staff efficiency and productivity; (ii) strengthening relationships with the organisation’s customers; and (iii) fostering more effective collaboration with various business partners to quicken the speed at which data that is required for decision-making can be provided. In striving to achieve these goals, we are exposed to the likelihood of being affected by the major risks that are attendant with information technology use. Consequently, the institution continues to allocate resources to: (a) make its information systems and the supporting technical infrastructure more reliable and resilient; and (b) protect the integrity of the institution’s data assets. Achievement of the foregoing objectives is heavily dependent on all information technologyrelated activities and investments being channelled in a manner that is consistent with the organisation’s goals and needs – the so called IT/business alignment challenge that appears to be so elusive in many cases. Here, from a management oversight perspective, one cannot overemphasise the necessity of embracing governance mechanisms that are fit for purpose. To remain relevant, the information technology function must continually evaluate and if necessary enhance its existing capability to ensure that it can meet the requirements of core business processes while being in tune with the current and envisaged directions of the organisation.

Lawrence Williams: Leveraging central banks’ IT investments for strategic advantage Opening remarks by Mr Lawrence Williams, Governor of the Bank of Guyana, at the conference of regional central banks’ information systems specialists, Bank of Guyana, Georgetown, 4 June 2012. *  *  *  Chairman Deputy Governor Banking Manager Deputy Programme Manager, Information and Communication Technology, CARICOM Secretariat Conference Delegates Directors and other Staff members of the Bank of Guyana Invitees I wish to join with the Chairman in welcoming you to this opening session of the Conference of Regional Central Banks’ Information Systems Specialists. A warm welcome is extended to those of you visiting Guyana and more so to those of you visiting for the first time. A special welcome is also extended to Ms. Jennifer Britton who has taken time off her demanding schedule to present the Conference Keynote Address. The Bank of Guyana deems it a privilege to be hosting the Conference of Regional Central Banks’ Information Systems Specialists for the second time in the history of the Group. We are grateful for the fact that nine central banks accepted our invitation to participate in this conference. I thank you for graciously accepting our invitation. It is my fervent hope that the activities over the next five days will provide a good opportunity to engage in the sharing of ideas and experiences, as well as to gain new insights that would be beneficial to the wellbeing of your respective information technology functions in particular and, by extension, the institutions you represent.