reskill to strengthen workforce preparedness. as all of you know, retaining the right talent and investing in their development is much more sustainable and less costly compared to constant acquisitions to replace good talent that leave. consistently developing talent, succession planning, on - boarding, and having good corporate learning are all at the heart of successful high - performing organisations. good corporate learning and development strategies include customising learning pathways to close skills gaps, and providing career pathways that allow mobility and exposure, where people can learn different aspects of the business. third, like in other parts of our operations, organisations must leverage digital learning for greater impact. and yet, we should pay equal attention to human aspects that technology cannot replace, including executive acumen and leadership. the past year alone has seen the forced shift from traditional classroom learning to virtual channels. this has seen a surge in self - paced and online learning. with adaptive learning pathways that are powered by algorithms and ai, people can learn faster based on their own unique learning needs. but, when the situation permits, it will need to be balanced with higher interaction and face - toface learning especially in building executive skill sets. these include critical thinking and analysis, problem - solving, and skills in self - management such as active learning, resilience, stress tolerance and flexibility. for any organisation to grow and sustain change, strong, wellrounded leadership is critical. not all these aspects can be gained through formal learning alone. it has to be reinforced through robust on - the - job mentoring and organisational - wide coaching culture. finally, culture is at the heart of any organisation ’ s ability to transform and remain relevant. ron kaufman once said that when you “ convince people, you will win their minds. inspire people and you will win their hearts ”. for organisations seeking to transform and become more adaptive and innovative, culture change is often the most challenging part of the journey. any attempt to drive transformation is unlikely to succeed if there is resistance to the call for action. 2 / 3 bis central bankers'speeches as an organisation, bank negara malaysia has also had to assess and reflect on how we work, and consider better ways to instil the desired norms and corporate culture. what we have consciously nurtured over time has been a strong collaborative culture. what we want to keep getting better at is to be open to experimenting more, learning from mistakes quicker, and deepening our coaching and feedback culture. our policy mandates are stress - tested internally by a

our risk management skills honed enough to deal with the world of high tech and sophisticated finance. i believe that the nature of the risk is changing. it ’ s changing because the products and services are also changing in a more sophisticated way ; that means the ability to recognize risk, measure risk, manage risk, offset risk, is utmost important for financial institution. the third challenge, obviously, is the process of financial deepening which affected market structures, complicating the task of regulatory oversight in several ways. as financial instrument become more complex ; the boundaries between different types of financial market activity ( lending, trading, insuring ) become blurred ; more claims become securitized and were exchanged in markets as traded instruments ; and much financial activity became international in nature, blurring boundaries of responsibility among authorities. now, the question is, what are the implications for bankers and regulators such as central banks? ladies and gentlemen, the first implication is that we have to acquire, improved, and further enhance our skills and capabilities. we need to improve our risk management skill considering that the nature of risk is changing very fast with new technology and products. the other is the requirement for us to conduct good corporate governance in the business. the need for transparency and corporate governance in any business including banking is very critical. banking supervision cannot function well if sound corporate governance is not in place. supervisory experience underscores the necessity of having the appropriate levels of accountability and checks and balances within each bank. put plainly, sound corporate governance makes the work of supervisors infinitely easier. sound corporate governance can contribute to a collaborative working relationship between bank management and bank supervisors. consequently, central banks or regulator showed, by necessities, to impose market discipline and strengthen risk - based supervision as implied in the basle core principles. ladies and gentlemen, in the face of these challenges and implication, asean countries should make every effort to take advantage of the globalization and liberalization of investment and trade, knowing that it is the order of our global economy today. we should therefore actively involved in the many multilateral cooperation and / or institution. to strengthen economic cooperation among asean countries, the leaders of asean has just launched a new series of economies policies and initiatives as mentioned in bali concord ii during their ninth asean summit, three days ago. one of the concept in bali concord ii is the establishment of asean economic community. that community envision " a stable, prosperous and highly competitive asean economic region in which there is a free flow of