mark w olson : risk management in a changing economic environment remarks by mr mark w olson, member of the board of governors of the us federal reserve system, before the bank administration institute, phoenix, arizona, 30 april 2002. * * * it is a pleasure to appear at this year's bank administration institute's audit, compliance, and electronic security conference. the bai has historically been the repository for thoughtful leadership on a wide range of management, operations, and system - related issues. this is an appropriate forum for sharing the fed's perspective on certain risk - management issues as they are being addressed by the financial services industries. to put my comments in perspective, let me first identify four key environmental factors that have changed in the financial services industry and have required the industry to improve both its monitoring and its management of risk exposures. the four major environmental factors affecting financial services are the following : • industry consolidation, • increased competition, • technological changes, and • management focus on shareholder value. these factors, of course, are not the only ones affecting your industry, but their combined influence has clearly altered your management challenges. all of you are familiar with these factors so we have no need for elaborate description, but let me touch on a few ways in which these factors have affected risk management - - starting with consolidation. twenty years ago, america's largest bank was citicorp, with assets of around $ 120 billion. though citicorp had a major international banking presence, its domestic banking operation was contained largely in the state of new york. its major national credit card operation was its most significant departure from traditional banking lines. in contrast, today's citigroup has $ 1 trillion in assets and is a highly diversified financial services provider operating not only throughout the united states but also internationally. citigroup's expanded scope is by no means unique. rather, it is typical of the bank and nonbank consolidation that has taken place. today, thirteen financial holding companies hold more than $ 100 billion in assets. though we still have more than 6, 000 separate banking organizations in this country, our largest organizations now have nationwide presence and offer a broad array of financial products. let's move on to competition. despite the consolidation that has taken place, the financial services industry remains highly competitive. not only do banks face intra - industry competition, but they also face competition from nonbank financial service providers. as of all of you know, virtually every financial product offered by

zeti akhtar aziz : policy and regulation of financial inclusion welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the unag asia regional forum on policy and regulation of financial inclusion, kuala lumpur, 6 may 2009. * * * introduction it is my pleasure to welcome you to the united nations advisers group asia regional forum on policy and regulation of financial inclusion. this conference takes place at a time when the world is confronted with addressing many issues that have emerged from the current global financial and economic crisis. whilst significant attention and efforts are being channelled to resolving the financial crisis and creating an enabling environment for the resumption of growth and job creation, we must not lose sight of the financial inclusion agenda. financial inclusion is vital for creating balanced sustainable economic growth. it provides the opportunity for all members of society to benefit from economic progress. it allows for a shared prosperity, an aspiration that is encapsulated in the united nations millennium development goals. the central bank of malaysia is most honoured to be given the opportunity to host this forum which is being held in asia for the first time. we are most honoured to have governor nout wellink, president, of the central bank of netherlands. we are also pleased to have present mr. jacques toureille, unag advisor, who will be delivering the keynote address by her royal highness princess maxima on her behalf. this forum brings together some of the best minds from different parts of the world with diverse experiences in the field of financial inclusion. i am certain that this forum will enhance our understanding of the vital issues confronting the financial inclusion agenda, and will contribute towards the formulation of new ideas in addressing the important issue of regulation and policy that will ensure the sustainability of an inclusive financial system. the financial crisis and its implications on the poor the year 2009 will likely to be a difficult year for most countries. as we enter the third year of this financial crisis, there is already a synchronised recession in the advanced economies. for most of the emerging economies however, the full effects of the crisis on their domestic economies will be felt this year. it is important to note that the financial systems in most emerging economies continue to remain sound and more importantly continue to function, providing credit and supporting the economy. the collapse of external demand has however, adversely affected the more open emerging economies. the issue of equal concern however, is the more disproportionate impact these developments will