october were kind enough to give thailand's banking community excellent, and much appreciated, presentations on market risk, after which we received many calls from awakened private bankers for advice on how to plan the adoption in their banks. i should also like to take this opportunity to express our appreciation to mr. george, who spent three years at the bank of thailand as consultant to help us build up our supervisory capacity. among other things, he helped to guide us and our banking industry through several hundreds of pages of new accord documents. you should be proud that many of our people continue to refer to your advice and work standard which challenge us to tackle our own regulatory framework. indeed, both of you have been an inspiration, and we expect you to do at least that in this coming week. ladies and gentlemen, our common goal is to devise a comprehensible and methodical road map through a steep learning curve, in order to build up risk management expertise. this will place us on a sound footing, necessary for meeting the challenges of credit risk models in the internal ratings based, or irb, approach. therefore expertise and database concerns remain formidable tasks toward irb compliance. although there is no need for me to say this, given the credentials of this audience, the new capital accord is quite daunting for regulators. but fortunately, or rather unfortunately, depending on how one looks at it, globalization and technological development mean that none of us are alone in this journey. this seminar is an important testimonial to the case in point. it is with great hope and expectation that through cooperation, pitfalls will be avoided, and success only a few policy measures, studies, committees, and sub - committees away. this reflects the new emphasis on supervisory coordination. once the system is up and running, supervisory coordination in terms of exchange of information, say on risk model validation, will also be crucial. for this reason, seminars such as this also serve to build useful networks. ladies and gentlemen, let me turn now towards the second topic at hand, the issues surrounding new technological development, that is, e - banking. indeed the key driver of the financial landscape in the past decade has been technology. innovations, both in finance and it, have changed the boundaries of financial institutions'businesses, spurred vertical as well as horizontal integration in financial industry and related industries, increasing the numbers of mergers and acquisitions, and in turn, revolutionized the regulatory boundary conceptually and geographically. in short, the

“ rising above disruptions : a call for action ” keynote remark by dr. veerathai santiprabhob governor of the bank of thailand national directors conference 2018 thai institute of directors 21 june 2018, plaza athenee hotel, bangkok thailand dr. bandid nijathaworn, mr. andrew sheng, secretary general rapee sucharitakul, chief executives, directors, distinguished guests, ladies and gentlemen. a very good morning to you all. first of all, i would like to express my sincere thanks to the thai institute of directors ( iod ) for inviting me to be a part of this exciting and important event. i have always had strong appreciation for iod ’ s mission and work to improve director professionalism and corporate governance in thailand. i would also like to commend the iod on organizing this year ’ s conference with a proactive and forward looking agenda that goes well beyond its focus on corporate governance. this year ’ s conference program concentrates on areas that we need to collaborate to ensure the future success of our country. it is therefore such an honor to be here today to share my thoughts with distinguished directors and key leaders who play an integral role in driving thailand forward. ladies and gentlemen, we are living in an unprecedented period of profound changes where exponential advancement in technologies is transforming everything we know. the speed, scope and impact of this technological change are unlike anything we have experienced before. it is disrupting and transforming the whole value chains, across all sectors in all corners of the globe, at an extremely fast pace. the effects of this digital revolution are far reaching. we have seen it affecting a wide spectrum of industries ranging from agriculture to automobile, encompassing a broad range of professions from farmers to financial professionals. drones can now be used to monitor agricultural yields and provide logistic services. artificial intelligence ( ai ) can now predict certain forms of cancer more accurately than doctors and enable cars to be self - driven. from 3d printing, to genome mapping, to internet of things ( iot ) and, very soon, internet of everything, the possibilities are limitless. as a country, how we respond to these challenges will determine thailand ’ s position in the world economy and the path our future generations take. of course, no one can accurately predict where this path of technological advancement will lead us to and how our digital future will unfold, but what we can be certain of is that traditional ways of conducting businesses have been upended and