not least, let us not forget that investors ’ decisions are information and data based. a strong portfolio of high – quality data, in line with the data international standards, is a prerequisite for investors to make their first steps in making due diligence and decide on the comparative advantage of the country. our adherence to the highest imf sdds plus standard this year, made us part of a small pool of 18 countries globally, assuring for the quality of our data and contributing to the health of the overall business environment. of course, there are many gaps on the structural front that should be addressed, to allow for faster growth and convergence. i am more than confident that with strong commitment of all stakeholders involved, in conjunction with accelerated eu accession process, we will achieve our milestones, contributing to the wellbeing of the overall society. thank you. 2 / 2 bis central bankers'speeches

. this makes it all the more challenging to align the it and business strategies. managing outsourcing it outsourcing is a growing phenomenon in developing economies. the challenges of outsourcing range from selection of ideal outsourcing partner to dynamic issues of knowledge transfer, security risks, legal concerns, vendor dependency, etc. this concern has heightened in recent years and these issues may be dealt with in synchronization with general governance principles. as we look to external it service providers for assisting us to innovate and optimize, we must assess how mature our outsourcing capability is to utilize the right engagement models and align ourselves with the appropriate providers. before initiating the process of outsourcing any service / application, it is necessary to examine whether the outsourced function meets the business needs and strategic objectives. identification of the nature of the activities undertaken by the vendor and the inherent risks of the activity are also important. it is recommended that due diligence in selecting, contracting, supervising and monitoring of the vendor is adopted. diligence in vendor selection also requires a reasonable inquiry into the ability and suitability of the vendor to meet the requirements for the proposed service. well defined and enforceable service level agreements ( slas ) with the vendor will establish the performance standard and service quality expected under the agreement. as part of meeting principles of governance, it may be ensured that there is a documented, accepted procedure which governs service expectations and obligations including change management. bis central bankers ’ speeches combating cyber crime in a networked world, there are no real safe harbours — like a ship which can be attacked by pirates anywhere, a service delivery offering on the network is generally available to everyone else on the network ; in some cases this may well be the gateway for entry to the bank ’ s main systems as well. cyber security is a collective concern that is comprehensive in scope — the internet has no national boundaries. whereas security is typically regulated at the government level, cyber security is national, international, public and private in character – all in the same context. today, there are government initiatives aimed at enhancing cyber security which is complemented by cyber risk management and security provided by private entities that manage and operate most ict infrastructure. such security cannot be adequately assured by market forces or regulation ; rather, it requires a novel mix of solutions involving a range of stakeholders working both in their own domains and in concert. no single strategy, set of governance arrangements, or operational practices will