demonstrate and model risk - aware behaviours, and employees at all levels who are equipped with the knowledge and tools 3 / 5 bis - central bankers'speeches to identify, assess and manage risks effectively in a fast - changing and significantly more complex operating environment. creating greater agility to meet changing business and employee needs finally, future talent strategies will need to create greater agility for institutions and individuals to respond to changing needs by embracing new norms of talent mobility and encouraging diversity in the workforce. the pandemic has shaped a significantly more fluid and mobile workforce. in response to this, many organisations are pivoting their talent strategies from'acquiring'talent, to'accessing'talent. in other words, firms are looking to alternative ways to access ready talent apart from hiring. the ability to tap into external and more diverse talent pools to meet specific skill gaps is becoming a more important part of talent strategies of firms including financial institutions. this also reflects the rise of a segment of the workforce associated with the gig economy and professional experts that are not affiliated to any single organisation. such fluid arrangements are also being leveraged to build internal capacity building and support transition. a survey conducted by capgemini reported that more than 60 % of businesses fill new jobs powered by ai and automation with fluid workers first, then gradually seek to transfer knowledge from these specialists to other full - time employees in the organisation. these strategies will have important implications for how we build the future workforce from without rather than within. such strategies can create greater flexibility for organisations to respond to changing business needs, but they also call for a fundamental re - thinking of pre - existing organisational and cultural norms. as we move forward, deepening employee engagements will become more important to enable firms to better anticipate shifting trends and inform approaches to building a future - fit workforce. it is not uncommon today to find up to four different generations coexisting in many workplaces, each with different perspectives on leadership, learning and workplace culture. recognising these differences within talent strategies will be important to successfully cultivate a future - ready workforce. closing message : in closing, i am reminded of the words of mr. colin powell, former u. s. secretary of state who said : " one of the greatest talents of all, is the talent to recognise and develop talent in others ". this lies at the heart of building a workforce fit for the future. we all have a part to play – as employers, professional development bodies

several issues pertaining to the breakdown of the internal audit function, which led to the manipulation of the rates. despite the group internal audit functions carrying out their routine audits in this area, deficiencies in the banks ’ systems, controls and policies were not adequately highlighted. the lessons learnt from the above cases and others clearly reinforce the key roles played by both the internal audit function and the audit committee. my view is that the strength and effectiveness of the internal audit function will influence the risk and compliance culture in an organisation. the function has to continually be refreshed such that it remains robust and effective. bis central bankers ’ speeches clearly, the job is now more difficult and challenging than ever, given the increased expectations by stakeholders and heightened scrutiny when things go wrong, as well as increasing obligations under the statute that place additional fiduciary responsibilities on audit committee members. i would like to share my thoughts on four matters where efforts are necessary to raise the bar on audit standards and audit quality. firstly, the audit coverage and scope should not be confined to compliance or risk - based parameters. the audit scope should be holistic, encompassing new risk areas and tail risk events that originate from the evolving operating environment and financial landscape. the process of ascertaining the audit scope must be robust, such that audits focus on higher risk areas as the company grows and evolves in its products and processes. internal auditors should be constantly challenged to think beyond the scope of the audit framework and focus on the broader picture. the so - called ability to ‘ connect the dots ’ about the implications of the audit findings across the organisation is an important starting point to identify new and emerging risks. secondly, internal audit should move beyond compliance to strategic auditing and to provide value - added recommendations for the betterment of the organisation. my view is that before an organisation seeks to venture into new or higher risk areas of growth, it is imperative for the board and senior management to seek assurance from the internal audit function so that the risk and control frameworks are rigorous in identifying gaps in the system. the audit committee should identify opportunities where the internal audit function is able to add value, through consultation and advice on business process improvements. the input from the internal audit function would also be helpful to craft initiatives to embed good behavioural norms, ethical and responsible culture within the organisation. thirdly, the internal audit function must be supported by a strong quality assurance process. this requires internal auditors to be equipped with the re