address cultural risks that drive misconduct. once concluded, the tendency of “ rolling bad apples ” in the financial sector will be stopped and there will be no place to hide for dishonest and unethical people. let me underscore that the success of a well - diversified economy depends on an inclusive, well managed, prudently run and efficient financial sector. to this end, the bank of botswana continues to foster the development of policies designed to enhance and align skills to the needs of the domestic market. it is vital that banks, which are the bedrock of the financial sector, fully commit to the effective implementation of the human development strategies aimed at increasing the supply of professional bankers. the existing and continually evolving training opportunities should be geared towards enhancing efficiencies in the banking sector. needless to say, effectiveness and development of the institute is significant both in content and technicality, to adequately equip bank employees and ground them in the pre - requisites of what is required to be an effective and professional banker. distinguished, ladies and gentlemen, i would like to take this opportunity to remind all of us here, once again, of the importance of adhering to codes of ethics and professionalism in the delivery of banking services. this is important as banks are invariably the principal pillars for commerce, savings mobilisation and payments infrastructure and, in general, socio - economic development. in concluding, council chairman, council members, executive director, and distinguished guests once again, congratulations to the graduants and award winners on their achievement. it takes determination to start, and commitment to finish. this evening represents a mark of personal growth and i have every confidence that the success in your botswana institute of bankers studies offers an opportunity for your professional growth in the banking industry. i thank you for your kind attention.

leveraged on interestingly challenging, complex and digital banking systems. concomitant with these developments, both globally and here at home, digitalisation and financial integration require that we all exercise increased diligence, prudence and ethical conduct. this is because, desirable as technological innovation is, it also encapsulates risk and possibilities to contaminate the industry and profession with bad behaviour and harmful activities. there was a time when the main threats to banks were robberies and insider collusion relating to stealing of the physical cash. these days, harmful activities, fraud and theft are perpetrated through cyber - crime, infiltration of systems and unauthorised access to information and identity records. the “ thieves ” are likely to be behind the counter, and through the mobile phones and computer systems. therefore, the modern banker has to be alive to these possibilities and also able to harness the necessary resources and mitigation strategies to forestall such harmful activities. in addition, bankers need to be able to respond meaningfully and offer timely redress in the event of customers ’ accounts and information being compromised through no fault of their own. ineptitude and failure to handle such operational risk issues diligently could weaken public confidence in the banking system and undermine the financial inclusion agenda and the very essence of banking, which is to facilitate intermediation for productive use of financial resources, as well as certainty of payments. furthermore, the adverse effects of such illegal activities could impose a heavy financial burden on the public as banks commit resources to preventive measures ; and often the costs of such are passed on to customers. distinguished guests, the bank of botswana will continue to play its role in encouraging and promoting professionalism, honesty, integrity and ethics in banking. the fabric and foundation of banking is trust and trustworthy bankers. this is important as good governance is a key pillar for the promotion and maintenance of a safe and sound financial system ; one that is run by fit and proper and competent leadership, management and staff. at the same time, there is need to enhance transparency in banking to instil confidence in the financial system. in this context, the financial stability board working group on governance frameworks is working on proposals to strengthen governance frameworks to mitigate what is called “ misconduct risk ”, addressing information gaps and due diligence in employment of individuals with a history of misconduct ; and mapping responsibilities to senior personnel to strengthen governance of misconduct risk in financial institutions ; as well as to