They help shape and implement mission critical technology projects, provide technical oversight for technology planning across the business, and set the technical standards to be followed. It requires years of training and experience to attain mastery of these skills. The local supply of talent for such jobs is quite limited and financial institutions will need to rely on expertise from abroad while building a pipeline of locals for these advanced tech roles. Second, intermediate tech jobs, such as application developers, data analysts, UX/UI designers, and cyber security specialists. These are roles which Singaporeans with relevant background can potentially be trained into. MAS started a Technology in Finance Immersion Programme (TFIP) last year through which financial institutions recruited mid-career Singaporeans with STEM backgrounds from other sectors and put them through structured training and attachments in tech areas such as data analytics, cyber security, cloud computing, and full stack development. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  8/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  The programme was highly popular. TFIP is in its second run this year with 21 financial institutions oﬀering over 190 trainee places, more than double that of last year. That said, we need to scale up much more because the demand for these roles continues to outstrip our pace of building skills. Third, basic tech jobs, such as tech support executive, IT ops and support. These roles are typically less complex and more rules-based.

This in turn could create a drag on real economic activity and productive investment that cannot take place without appropriate insurance coverage. Equally, there is a risk that supply will be curtailed. As a result of potentially large and unintended accumulations, insurers will naturally take actions to limit their future exposure. This could be in the form of tighter policy wordings, exclusions, withdrawal of capacity or significant price rises, reducing the availability and affordability of non-specific peril cover and creating an increasingly concentrated market. For example we know that on average, D&O (Directors’ and Officers’ protection) premiums have doubled this year.1 To some extent this is of course individually sensible risk management, and it is right that insurers consider the broader lessons from recent events about the potential contract uncertainty within their portfolios, and take  1  See Financial Times article (September 2020): 'Cost of insuring board directors from lawsuits doubles in Covid era' 3  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  3  steps to reduce this. But there is a risk of excessive risk aversion and an overshoot leading to an aggregate reduction in supply that damages recovery. It is not impossible to transform a seemingly uninsurable peril into a diversifiable, insurable one. Cyber risk is a helpful example. A severe, global cyber event causing systemic losses is considered uninsurable – the risk does not diversify, and the industry’s capital could never be sufficient.