banks also take differing approaches to the publication of voting records. in our case, we do not publicise the individual votes, as we do not want to personalise the debate. this gives individual members greater freedom to speak their minds and change their views during discussions, and it avoids the labeling of “ hawks ” and “ doves ”. however, we do indicate if there were dissenting views, but we do not reveal who the dissenters were. it does reduce the transparency of the decision - making process, but this has to be weighed up against the advantages of allowing for more rigorous debate in the committee. while it could be argued that revealing differences of views could reduce the clarity of the policy message, we believe that there are clear advantages to doing so. in particular it shows that there is vigorous debate among committee members ; that the mpc is not subject to group - think ; and that differences of views are welcomed. however, to ensure clarity and consistency of our message, we have adopted the principle of committee responsibility. so even if the decision is not unanimous, once the decision is taken, all members of the committee take joint responsibility. this reduces the possibility of mixing the messages, as all members communicate with one voice. in conclusion, communication of monetary policy decisions is still evolving. there is by no means universal acceptance of some of the recent developments globally, and there are criticisms that at times, forward guidance has introduced more volatility into the markets, and that too much guidance can encourage excessive risk - taking and delay monetary policy responses. it may also be the case that forward guidance is more difficult in emerging market economies that are more prone to volatility arising from exogenous shocks and spillover effects. charles goodhart has also argued that “ pre - commitment, even if desirable, is not even really feasible, especially in a system of decision - making by committees, with changing membership and political oversight. ” we will continue to learn from what others are doing, from their successes and their mistakes. our communication strategy has come a long way in the past few years, but it is evolving and we need to tread carefully. conferences such as these are important mechanisms for learning from each other, and are critical for the evolution and dissemination of ideas and experiences about what works and what does not work. as communication practitioners, i am sure that you have no shortage of topics to discuss tonight and tomorrow. thank you again for taking the time to travel to pretoria to participate in this conference

management matters, but you will also be required to play a catalytic role in the whole risk management process. as the proverbial saying goes, the buck for managing the risks in your respective departments stops at you! the risk management department ’ s role will remain confined to the coordination and facilitation of the bank - wide risk management activities. in conclusion, i wish to urge you all to take a keen interest in the deliberations of this workshop. as officers at the frontline of risk management in the bank, you are expected to be conversant with the risk management process that is being implemented at the bank, and there is no better platform to provide that opportunity than now! to this end, the programme of that this workshop is organized in such a way as to be highly interactive. therefore, i urge you to feel free to ask as many questions as possible. with these few words, it is now my singular honor and privilege to declare this workshop officially open. i thank you.