market fragmentation " — by hosting a workshop with key stakeholders and academics. this was quite successful, and i look forward to such interactions being the rule. in addition, we need to improve our interaction and cooperation with other standard - setting bodies, such as the basel committee, the committee on payments and market infrastructure, the international association of insurance supervisors, and the international organization of securities commissions ( iosco ). while we have worked together in the past, we all owe it to the global community to seek out opportunities for improved cooperation and engagement. to improve fsb transparency, we will be taking a number of important steps. for example, on february 12, 2019, the fsb published a comprehensive work program on its website for the year 2 / 6 bis central bankers'speeches ahead. 1 this is the first time in the fsb ’ s history that the work program was disseminated publicly. over the term of my chairmanship, i will continue to look for steps that will allow all stakeholders to have a more open window into the fsb ’ s decisionmaking process and products. i believe improved transparency into the fsb process is critical to our mission. i ’ m reminded of lord hewart ’ s famous — and oft - quoted — remark concerning the importance of jurisprudence to the public : “ not only must justice be done ; it must also be seen to be done. ” we should be able to apply this concept to the field of global financial standard setting. rigorous vigilance the second principle i would like to discuss concerns how we assess and mitigate vulnerabilities in the global financial system. the post - crisis reforms addressed the fault lines that led to the crisis and the contagion effects felt around the world, but they will never replace the need for vigilance. if we are not rigorously vigilant, we still risk another crisis. what we need are forwardlooking methodologies that use the most advanced analytical tools to spot vulnerabilities well in advance before they lead to widespread financial distress and economic costs. here the academic community can continue to contribute with cutting - edge and robust modeling techniques. we can only mitigate financial vulnerabilities if we identify them accurately and in a timely manner. as such, the fsb ’ s standing committee on assessment of vulnerabilities under the leadership of fsb vice chair klaas knot of the dutch national bank will be directing a considerable amount of energy to developing a cutting -

edge framework for the identification and assessment of financial vulnerabilities. again, the principles of transparency and engagement will shape the work of the group. it is important that a wide spectrum of financial participants be brought into the process, from banks and nonbank financial institutions to financial regulators to national authorities and multilateral standard - setting bodies and the broad academic community. this task is essential to the mission of the fsb ; financial developments move at a rapid pace, and being able to quickly and accurately assess vulnerabilities is essential if we are to take action to prevent future crises. analysis finally, the fsb members must employ a critical eye toward the effects of the regulations that have been put in place. many of the reforms have been in place long enough for them to be evaluated. we can judge whether reforms are having their intended effects and making the financial system more resilient. are any regulatory reforms causing unintended, adverse effects? can we achieve the same, strong level of financial resilience with reforms that are more efficient, simple, transparent, and tailored? the fsb must champion efficient and effective regulation in order to maintain public support for the progress we have made. key pieces of the fsb ’ s work plan now i would like to turn to three prominent issues on the fsb ’ s agenda in 2019. i will start with two relatively new issues that continue to evolve and grow in sophistication : nonbank financing and fintech, and then i will turn to the important work we are beginning on evaluating the effects of reforms aimed at ending too big to fail. fintech i will loosely define fintech as technology - enabled financial innovation that results in material changes to the provision of financial services. as is often the case when technological innovation meets established business, fintech has attracted a great deal of attention, ranging from utopian claims to hostile skepticism. claims about fintech ’ s promise abound : it has the power and potential to reduce economic inequality, increase financial inclusion, and boost economic growth. 3 / 6 bis central bankers'speeches through the introduction of new methodologies, greater information curation, and reduction in processing costs, fintech could potentially reduce financial volatility and vulnerabilities. we are already seeing significant changes to how many people around the world obtain financial services. for example, in kenya, a mobile payments technology has introduced mobile wallets to millions of people, many of whom never had a bank account. in the united