To be clear, it is not the role of the official sector to set the internal culture of a firm—that responsibility lies squarely with the board of directors and senior management. Rather, the job of the official sector is to promote standards and practices that will mitigate misconduct risk and promote efficient and sustained financial intermediation and financial stability. Global supervisors have taken a number of approaches when it comes to understanding, influencing, and assessing culture at firms. In the whitepaper I mentioned earlier, my New York Fed colleagues and I included a section describing a selection of approaches that the official sector has employed. The Financial Stability Board Working Group on Governance Frameworks (FSB WGGF) has published a range of tools for supervisors to use in assessing firms’ management of cultural drivers of misconduct, as well as a summary of supervisory approaches and practices in supervising for culture.14 This variation reflects differences in mandates, tools, and authority. Looking across jurisdictions, we see supervisory efforts such as specialized units of behavioral experts, risk culture assessment frameworks, and supervisory guidance that directs supervised institutions to develop and promote a sound corporate culture. This variation in approach is a valuable feature of the official sector focus on conduct and culture reform. As the official sector innovates, experiments, and introduces new approaches, we’ll develop a better understanding of how to best promote a healthy culture and mitigate misconduct risk. Measurement and Assessment I’ll now turn to the question of measurement and assessment.

Another challenge, ladies and gentlemen, to a growing economy such as ours is the need to ensure availability of growth-supporting infrastructure. Inclusive of these are good trunk and feeder roads, communication facilities and sufficient and affordable energy supply, particularly electricity. Furthermore, current regional integration initiatives coupled with globalization, in part entail that Zambia has to appropriately re-position itself in the region. This will be with a view to create greater opportunities for expanded trade in the region and international markets as well as empowering the local business players. These and other challenges are for all of us as partners, to tackle by playing our respective roles with the aim of achieving stronger economic growth rates that will have a notable bearing on improving the standards of living of our people. Chairperson, as per the usual tradition, the topics for this Seminar, have been carefully selected aimed at not only educating and informing but also sharing views. Please as you discuss, you are encouraged to be broad not to confine your contribution to the topics  BIS Review 113/2007  3  presented you. We will welcome views on various issues within the Bank’s mandate. You are further encouraged to interact with members of staff outside the Seminar sessions. Let me again pay tribute to the Media for the interest it has shown and subsequent active role it has continued to play in the economic affairs of our country and in particular matters related to the mandate and functions of the Bank of Zambia.