investors, financial institutions and the general public at large. in the first three sessions today, our distinguished speakers and discussants will share insights and experiences in many areas ; the adoption of statistical best practices in data management, ways to promote data sharing and communication of statistics, identification of statistical gaps and limitations faced by analysts or authorities in the usage of data. the session would also explore and provide possible resolution to challenges confronted by compilers and users of statistics. in the concluding panel discussion, the panellists will deliberate on new data requirements, the need for more forward looking and pre - emptive data collection and compilation, identify best practices to enhance data integrity and communication of statistics, and the role the private sector can play in contributing better data collation. bis central bankers ’ speeches your views today is important as it would provide insights and assistance to statistical compilers, policymakers and regulatory authorities to facilitate planning and enhancement of existing data measurement or implementation of new statistical initiatives. the end game is to facilitate effective analysis, monitoring and surveillance of the economic and financial activities and provide accurate assessment of risks and the effectiveness of policy initiatives and the state of the economy. this forum will also provide analyst an opportunity to share their views on the type of data that would be useful to them. while debating on the statistical needs of the public and private sectors, there are many areas that could be considered, amongst them : 1. does the private sector benefit given the significant resources that have been invested by the national statistics office, regulatory authorities and government agencies to compile more comprehensive, timely and granular data? 2. what type of data that the private analysts require that would improve their analytical capability to provide analysis for informed decision making to their client? 3. based on past experiences, data compilation always lags behind financial innovations and economic developments. based on this premise, what should be the strategy, from the perspective of statisticians and users, to ensure the availability of new and appropriate data on a timely basis to meet future needs of users? 4. how can data compilers and users play a greater role inidentifying new data needs of a high income and high value added economy? 5. how can statisticians play a more proactive role in advising or communicating with users on the availability of appropriate data for analysis and surveillance to avoid the redundancy of data collection? these questions are by no means exhaustive but i hope our distinguished speakers and discussants today will address some of them. the speakers and

zeti akhtar aziz : statistical science for a better tomorrow keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the international statistical institute regional statistics conference 2014 “ statistical science for a better tomorrow ”, kuala lumpur, 18 november 2014. * * * introduction it gives me great pleasure to welcome you to this inaugural international statistical institute regional statistics conference. this conference takes place at a time of major transformative change in our region and in the world. the contribution of statistics in this new and rapidly changing environment has become of even greater importance. in this increasingly complex world, the availability of high quality statistics is vital in facilitating decision making for both the private and public sectors. the world is also seeing greater demands for higher levels of transparency. this has become key for building trust and confidence regardless of the line and nature of business. the statistics community has responded to these changes. immense progress has been achieved in developing the methodology for generating consistent economic and financial statistical systems. in a world that has also become more globalised, such progress has brought great benefits to businesses and policymakers in terms of the availability, comparability, and broad consistency of economic data across countries. for any economic and financial community, detailed and comprehensive data are highly important to understand the implications of the developments taking place. this has prompted greater international collaboration across the world to contribute towards a greater understanding of the implications of this trend. underpinning this is also the high level of professionalism and integrity of statisticians at national and international agencies. it is in this recent two decades, that the global economic and financial environment has become more interconnected, more complex and more competitive. it has resulted in greater economic and financial integration and more intricate interconnectivities. at the same time, the world has also become more unstable and less predictable with frequent shocks and crises. this new and more challenging environment has significant implications for business and for public policy. economic agents need to have an appreciation of the multi - faceted shifts in their environment in order to form the appropriate assessments and make informed decisions. for policy makers, it highlights the importance of having reliable, relevant and high - quality statistics to support and pave the way for sound policy decision making. for statisticians, the challenge is to continuously improve the statistical science towards facilitating the foundation to build a better future. my remarks today will be from the perspective of a central banker. timely and