- specific training to meet the industry requirements, and equip practitioners with the practical knowledge, skills and expertise that are important to their respective job functions. malaysia ’ s financial sector has continued to forge ahead. the contribution of the financial industry to the country ’ s gdp has increased from 9. 2 % in the year 2000 to 11. 7 % in 2009 and this figure is expected to grow further in time. likewise, the employment growth in the financial sector will continue to accelerate, with increasing demands for specialised skills and enhanced expertise in finance. in the fast changing and increasingly complex financial landscape, our workforce in the financial sector must not only rise above current challenges, but must be well equipped to excel in the significantly changed environment. in malaysia, we have prioritised talent development in the financial sector as a strategic priority and to approach this in a holistic manner, across the spectrum of the financial services industry. the goal is to develop a deep pool of financial sector talent with world class capabilities to drive responsible growth and development of the financial sector. as many of the initiatives supporting these strategies are multi - disciplinary and multi - layered, the approach is grounded in a shared commitment with the industry in a comprehensive, coordinated and collaborative manner. this is our best hope for rising confidently to the human capital challenge that lies before us. with the strong support of all the key stakeholders and practitioners in the industry, we can make a critical and lasting contribution towards creating a talented workforce for the industry. in this journey, the sharing of best practices and experiences will be extremely valuable. i therefore welcome and encourage your participation at this international symposium to discuss the important issues, challenges and the way forward in talent development for the financial services industry. on this note, i wish you a successful and productive session. bis central bankers ’ speeches

of capabilities among the financial industry professionals. going forward, the investment in this core pillar will be a defining factor in the performance and the capacity of the industry to reinvent and transform and thus enhance its resilience and sustainability. the path forward needs to be guided by a strategic response to the forces that are shaping the new talent landscape. there is now an increased demand for highly - skilled knowledge workers that are able to meet the changing requirements of an increasingly globalised and borderless workplace. more interconnected businesses within national economies and across the globe have also increased expectations for employees to be highly versatile and able to adapt to the fast changing conditions. talent mobility has therefore increased substantially not only across geographical boundaries, but also across sectors, as the demand for talent in financial services by the energy, telecommunications, software and bis central bankers ’ speeches consultancy sectors are likely to increase over time. organisations including financial institutions therefore need to give greater attention to these shifts and develop clear strategies to narrow the skills gap, in particular to address growing shortages in the mid to senior level talent groups. the recent regulatory reform in the financial sector and the onset of new standards and requirements under both basel ii and basel iii, the emergence of new risk disciplines and the fundamental changes in financial reporting standards, also require financial professionals to be equipped with new knowledge and skills. similarly, talent shortages continue to be acute in high - growth areas such as wealth management, islamic finance, and investment advisory services. at the same time, the role of the financial services sector in the recent global economic meltdown has also raised questions on the issue of the quality of the leadership and workforce and for the need to place greater focus on developing ethical and responsible leaders who will be able to lead a sustainable industry over the medium and longer term. the economic costs of a failure to arrest talent shortages are strategically significant and include low productivity, the slow pace of innovation and lost opportunities. building a strong talent pipeline has therefore become an economic imperative as human capital rivals financial capital as the critical economic engine of the future. this requires new and innovative ways of thinking about talent development, programs, processes and competencies. the human capital challenge has therefore to be approached with a different set of solutions. giving recognition to its importance, in the united states, the accounting rules were adjusted to allow organisations to treat a wider range of talent development costs in the same manner as long - term investments in equipment, manufacturing plants and other facilities. financial institutions today are also forming stronger relationships with business