would be action and without starting the action, our overall visions and missions would never be realized. second, nikkhama dhathu. that is, the action should continue. there are many actions that we commence, but stop quickly. it is like the opening of a bottle of soda ; a lot of hiss ; a lot of gas ; a lot of noise, but becomes flat after some time. very often, we do not have the energy, the drive, the motivation or the staying power to continue with the actions that we start. therefore, we need to ensure that actions are continued, if the performance is to be achieved. thirdly, parakkama dhathu. that means, the action should not be affected by interruptions and challenges. in the performance of any action, we will definitely encounter resistance and opposition. often, at the first whiff of opposition, we retreat. if we are to perform, we need to build in ourselves, the ability and the courage to meet with obstructions and move forward, in the face of challenges. otherwise, our performance would not be realized. fourth, thithi dhathu. that is, stay firm in the intended path. even in the midst of opposition or challenges, we have to develop the ability to be focused and move with a clear vision and determination. we should not be distracted. we should not dilute the impact of our performance. fifth, is the thawara dhathu. that is, the action should convey a strong stable message of commitment and dedication. such a strong signal is often infectious and when the leader shows such firm commitment, performance often improves. sixth, upakkama dhathu. that is, being wise to cleverly steer the path and induce others to also support the performance of the particular action. that is not easy, but it is vital. inducing all within the team to move towards a single goal is the best assurance of success. we are today living and working in an unforgiving world. in this unforgiving world, the business sector in which we operate is intolerant of failure. failure or even suggestion of failure invokes harsh penalties and abrupt ends to promising careers. we show how many important heads rolled after the “ sub - prime ” issue hit the market. however high and mighty a person may be, failure or non - performance or sub - performance is not forgiven. all past victories are erased with a single failure. a single failure

ajith nivard cabraal : management accountants – focusing on the repositioning of the profession special address by mr ajith nivard cabraal, governor of the central bank of sri lanka, at the global summit, organised by the institute of cost and works accountants of india on “ repositioning the management accountant ”, new delhi, 12 january 2008. * * * the theme of the conference suggests that the management accountants of today are de facto doing something different to the traditional role of the management accountant. the new de facto role seems to be more of that of a strategist and a performance management specialist, rather than a historical “ information supplying ” or even a “ decision facilitating ” role of an accountant. if one were to drill down, we may perhaps note that the education and training of those who have become strategists and performance management specialists may not have necessarily been intended that way. but yet, it happened. how did this happen? • perhaps the training, although intended to create management accountants, was appropriate to create a strategist. • perhaps the training, coupled with business developments and public expectations, shaped management accountants to become strategists or the deliverers of outputs rather than contributors of inputs only. • perhaps the ability of the management accountant, as a result of his core disciplines, enabled him to respond effectively to unfolding developments and then deliver new outputs, and such abilities were recognized by the business community in the course of time. if all this happened without anyone consciously or deliberately “ positioning ” the management accountant in that role, what is the need to “ re - position ” the management accountant now? now that some re - positioning has already taken place, albeit accidentally, need we do more? should we let the status quo remain? why should we tinker with the management accountant now? by the time we do that, would the goal posts have shifted due to the rapid developments that are always taking place? to answer these questions, we may need to take a long hard look at the future of the global business environment over the next 10 years. what do we see? we see • new developments : tremendous change and a rapid rate of changing ; • blurring of traditional roles : different people doing old jobs ; new people doing new jobs ; • new skills and multi - disciplinary teams at work ; • status quo being challenged all the time and impermanence becoming a feature ; • volatility becoming a given fact and chaos being the