gent sejko : main challenges facing statistics welcome address by mr gent sejko, governor of the bank of albania, to the joint bank of albania - european central bank regional statistical seminar, tirana, 13 june 2018. * * * dear participants! it is a pleasure for me to be here today and open the regional seminar on central bank statistics. on behalf of the bank of albania, i would like to thank the european central bank for coorganising this seminar in tirana. also, i would like to welcome all representatives of central banks from the region and beyond, and all the participants in this seminar. the series of regional statistical seminars, organised by the ecb, provides an important forum for exchanging views on statistical requirements, formulating policies and discussing most recent developments on central bank statistics - related issues. we are all aware that having reliable, adequate, and timely data is a key element for decision making. ten years on, after the latest financial crisis, the fundamentals of the global economy, the architecture of the global financial system and the decision - making process are set on a constant restructuring process. the statistical function faces similar challenges. while the economies, markets and institutions develop, pressures mount on statistics to “ follow the trend and pace ” of such development. the emergence of the so - called “ information gap ” is inevitable in a fast - changing world, but our duty as statistical agencies is to increase speed up efforts to close this gap as soon as possible. * * * in the following, i would like to focus on the main challenges facing statistics, especially those that are pivotal for the successful realisation of the central bank functions. overall, the crisis revealed the need for richer and more effective statistics, to serve both the monetary policy and the macro - prudential policy. like never before, it is necessary for us to be informed and analyse economic data on several dimensions and at a granular extent. the financial sector ’ s growth and complexity highlight the importance of safeguarding financial system stability, as an essential element of central bank functions. the objective of financial stability has existed since the very establishment of the central bank institution. but, in the last decade, there is a clear focus on identifying potential threats to financial system stability, and constant attention on minimising them. likewise, achieving and maintaining price stability through monetary policy has changed. economic and financial analyses realised in central banks are becoming increasingly dependent on complex models, which enable a simultaneous analysis of the

on the risks that may hamper the accomplishment of the bank ’ s objectives, or to have adverse financial and / or reputational effects. the maturity level of operational risk management activity assessed by the international experts, increased at ‘ managed ’, thus crossing the ‘ basic ’ level. this maturity level shows that the operational risk management policy is guided by a risk matrix and a definite governing structure. the application on the automated management of audits and operational risk management process was implemented over 2017. during 2018, the major part of internal audit activity is expected to be realised and documented in the new system. the risk assessment automation for audit purposes provides the planning of audits fully based on risks, in line with the international practice. * * * honourable chairman, honourable members of the committee, at the end of my presentation, i want to assure you that the bank of albania will continue to be committed to following its legal objectives, and to implementing the institutional tasks and commitments. i am confident that the albanian economy and financial system will continue to see in the bank of albania a reliable, professional and transparent partner. thank you for your attention! 9 / 9 bis central bankers'speeches