( i ) the proper performance by an auditor of the auditor ’ s duties in accordance with this provisions of this act ; or ( ii ) a lawful inspection of the service provider by a duly authorised inspector appointed by the bank of zambia, commits an offence and is liable on conviction to a fine or to imprisonment ( section 36 ). in addition to the provisions of the bfsa, there are a number of regulations in place that are aimed at enhancing corporate governance for the financial service providers regulated by the bank of zambia, some of which are listed below ; the prohibition and prevention of money laundering act of 2001 ( ppmla ) and the anti - money laundering directives obligate the board of directors to formulate anti bis central bankers ’ speeches money laundering policies and ensure senior management implement these policies. the corporate governance guidelines for financial institutions issued in november ; 2006. these guidelines set forth a broad framework of fundamental corporate governance principles to guide the actions of the directors and managers of the institutions operating in zambia. ( infact, in every letter authorizing the appointment of directors of financial institutions, the registrar of banks and financial institutions makes reference to these guidelines ). chairperson, we are also aware that the mission of the institute of directors is to ensure the highest professional and ethical standards amongst directors and the boards on which they serve. similarly, the bank of zambia scrutinises all persons proposed for appointment as directors and senior management as a way of ensuring that only people who are credible, fit and proper are allowed to manage affairs of financial institutions. in cases where a serving director or senior manager of a financial institution falls short of the expected standards of conduct, the bank of zambia has powers to cause their removal from such positions. ladies and gentlemen, another important safeguard relates to the requirement for financial institutions to have in place certain board committees such as the audit, risk management and loans review committees. this is intended to ensure independence, transparency and accountability to board oversight over management actions. all companies should strive to ensure that such safeguards are put in place for the effective oversight of management. finally, allow me to congratulate the institute of directors for continually trying to improve professionalism and ethics in our corporate entities. this is commendable. i also wish to acknowledge the mutual cooperation that has always existed between the bank of zambia and the institute of directors. you will recall that the institute of directors conducted a number of seminars on core principles of corporate governance under the first phase of the financial sector development

improve their monitoring of climate - related financial risks. in 2022, the bis innovation hub and the monetary authority of singapore launched a climate risk platform exactly for this purpose. 20 conclusions the green and the digital transitions are happening whether we like it or not. we need research to try and understand how they can reinforce each other. one possible area of work is trying to further improve our understanding of which ai tools and other digital developments can be used to support the green transition and improve climate science. 21 for example, ai techniques could be exploited to improve the preparation of climate scenarios, replicating the results of conventional models, but taking less computational time and consuming less energy. 22 ai solutions could also be used by governments to leverage massive sources of freely available climate - related data ( e. g. risk maps, satellite imagery and so on ) and to generate tailored insights. 23 in addition, some efforts should focus on assessing how some disruptive technologies ( such as additive manufacturing in industry, mobility - as - a - service in transportation and ai in buildings ) can help to decarbonize hard - to - abate sectors. 24 in imagining future decarbonization pathways, researchers should take into account the disruptive impact of digital technologies on energy demand, economic growth and social development. 25 last but not least, another potential area of research is the crucial issue of how to design incentives that could help the two transitions co - evolve and reinforce each other. historical evidence suggests that twin transitions tend to be lopsided : while we will bis, 2024. project viridis. a climate risk platform for financial authorities. rylander, y., 2024. how will artificial intelligence influence climate science?, stockholm environment institute. the conventional physics - based models take weeks to run and are energy - consuming : simulating a century requires the amount of electricity used annually by the average us household. see wong, c., 2024. how ai is improving climate forecasts, nature, 628, 710 - 712. peixoto, t. c. et al., 2023. leveraging data and artificial intelligence for climate - smart decision - making in government, world bank blogs. for example, the disruptive digitalization 4 decarbonization ( 2d4d ) project, funded by the european research council under the european union ’ s horizon 2020 research and innovation programme, aims to carry out a comprehensive assessment of the macro - economic implications of the concurrent digitalization and