going forward, new competencies are required. foremost of these is communication skill. technical know - how alone is not enough. our communication strategy should be guided by three principles : to say it correctly, to say it well, to say it differently. this will require an astute awareness of relationships from a social, economic and political standpoint. through this understanding, we will be able to articulate our ideas or positions more clearly and coherently. the use of multiple platforms, such as social media, instant messaging services, or public online forums will offer new possibilities. ralph waldo emerson, an essayist and poet who led the transcendentalist movement of the mid - 19th century, once said, “ in skating over thin ice, our safety is in our speed. ” this analogy is appropriate in our current environment. responding to a dynamic environment in a timely manner will require the intuition of skill and knowledge. many professions will see a dramatic shift in skill sets required over the coming decade, and the accountancy profession will be no exception. given finite resources, public policy is likely to be overwhelmed by a sense of cynicism or pessimism. this is where public sector accountants may offer a breakthrough by taking on a more strategic role. as financial data expands in scope, volume and complexity, operational efficiency demands a new set of technical skills and knowledge. complex problem solving, critical thinking, coordinating with others, service orientation, cognitive flexibility, just to name a few. amid new international accounting standards, rising trends in financial technology and the attendant changes required, accountants are becoming among the most flexible and multi - skilled individuals. this is a major transformation in role of accountants compared to only two decades ago. as the profession grows in technical mastery and sophistication, accountants will contribute significantly to charting a new path for the public sector. a key area that i foresee accountants will wield considerable influence is in performance measurement. this brings me to my final point on validity of measurement. validity of measurement : identifying, measuring and assessing outcomes i have so far alluded to initiatives and policies for the transformation of the public sector. however, these would be futile if we do not know how effective they are. in this respect, we must develop identifiable, measurable and practical performance indicators. our performance indicators should be defined by three key features : long - term in outlook, integrated with overall strategic objectives and should also focused on impact of social outcomes. achieving the objectives of national development requires strong coordination

zeti akhtar aziz : the malaysian banking industry reinvention and transformation keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 11th malaysian banking summit " the malaysian banking industry reinvention and transformation ", kuala lumpur, 19 july 2007. * * * in this recent decade, the malaysian banking sector has been significantly transformed and reinvented. the restructuring, consolidation and rationalisation efforts that were undertaken in the banking sector have placed the financial sector on a stronger foundation. this decade has also been a period of favourable performance and increased resilience. this has been achieved with the successful integration of business processes and the redeployment of resources to support new areas of growth. financial reforms have also changed the environment. progressive deregulation and liberalization have increased the flexibility to financial institutions, while also resulting in new business opportunities and increased competition. these developments have also further strengthened the incentives for improved performance. significant structural changes during this period have also reshaped the landscape. the introduction of capital market intermediaries, investment banks, an increasing presence of new international players in islamic finance, and a significantly more developed bond market, has resulted in a significantly more diversified financial system. the resulting payoffs for the financial system, and the economy generally, have clearly been positive. today, the financial sector has evolved from being an enabler of growth to become an important source of growth in its own right. the sector, in the banking and insurance industries, now provides employment to more than 123, 000 malaysians. despite conditions that have remained challenging for a large part of the decade, the banking system remained consistently on solid financial ground with a risk - weighted capital ratio of over 13 %, low npl ratios, and continued profitability for eight consecutive years. substantial progress has been made towards consumer retail finance and access to banking services. such consumer lending has increased from rm134 billion to rm343 billion while loans disbursed to small and medium enterprises have increased from rm71 billion in 2000 to rm108 billion in 2007. domestic banking institutions are also building on their strong domestic performance to expand beyond malaysian borders. today, six domestic banks have presence in 10 countries around the region. the current encouraging state of the banking system, however, should not make us complacent on the need to continually transform and reinvent. the road in front of us is likely to be significantly different from the one we