reframing perspectives 6. through this scholarship, we hope to achieve three " p " s : expanding possibilities, catalysing partnerships, reframing perspectives. 7. first, expanding possibilities. the internships offered as part of the scholarship will enable ite students to explore the wide range of opportunities available within the financial sector, gain practical experiences and acquire industry - relevant skills that they can bring into their future careers. internships also present a chance for our students to work with industry practitioners and mentors who can guide them in navigating the career pathways in the sector. 8. for our industry partners, we hope that these internships will help you better appreciate the capabilities of our students, leverage their diverse skillsets, and recognise the potential value they can bring to your organisation. 9. second, catalysing partnerships. the launch of this scholarship is just a first step in our efforts to create more pathways for young ite graduates and uplift their career prospects. 10. there is potential for more partnerships between our financial institutions and ite, and i am heartened to hear that ibf will be working with ite and financial institutions to explore the feasibility of new work - study diploma in financial services. this will present a unique opportunity for ite graduates to jumpstart their careers in the financial sector while pursuing their academic aspirations for a diploma. financial institutions, too, stand to benefit, as these trainees will form your talent pool. 11. as with every work - study diploma programme, high quality on - the - job training is a key success factor. i encourage financial institutions to work in close partnership with ite to design and deliver the curriculum, and offer purposeful training and work experiences to the trainees. 12. third, reframing perspectives. this scholarship is more than just providing a cash award or offering an internship. it is a demonstration that there are many pathways to success. with this, we hope to see greater inclusivity and skills - based hiring within the financial sector, where employers look beyond academic qualifications and place a candidate's skills and competencies at the forefront of their hiring practices. we want to assure our ite talent that they can excel in their chosen professions, and enjoy rewarding careers in the financial sector. celebrating success 13. i am pleased to note that some financial institutions are already taking steps to provide opportunities for our ite students and graduates. a ) for example, uob launched its u unleash

complicated, but in the real world there are benefits to innovation if risk management is effective. so, how do we square the responsibilities with the complexity? not by drowning in complexity, or by doing a canute and trying to tell it to go away. for boards it means having a certain level of understanding, not at the level of the maths of a copula. the key challenge for all of us is to be able to boil the complexity down to understand what are the key drivers – which judgements are likely to matter when bad things happen in the tail of the distribution of risks. this is a description of one of the hardest things in many walks of life – how to explain complex things in simple terms. in the bank of england, it is a challenge we face regularly in terms of bis central bankers ’ speeches explaining complex areas of public policy – it ’ s the same issue for our judgements on monetary policy. so, let me put forward a proposition for boards. it is the job of the executive to be able to explain in simple and transparent terms these complex matters to non - executives. in doing so, you should understand the uncertainty around judgements, in what circumstances they could be wrong, and how there can reasonably be different ways to measure things like liquidity. non - executives should not be left to find the answers for themselves, and they should not feel that they have to do so out of a lack of sufficient confidence in what they are being told. in other words, they should not be pointed towards the haystack with warm wishes for the search ahead. let me give an illustration of this in a highly topical area for banks and insurers, internal risk models. what does a board need to understand? try the following : • key elements of model design ; • significant assumptions and expert judgements ; • key sensitivities ; and • significant limitations and uncertainty in the model. to restate, the challenge is to reduce complexity to simplicity, so that board members feel that they understand : • where is the model expected to work well ; • in what circumstances is it likely to break down ; • is the overall model output credible ; • what “ moves the dial ” in terms of key assumptions or judgements ; and • are those assumptions and judgements reasonable? non - executives should be put in a position to possess a general understanding of the model and meet these expectations without detailed technical knowledge. that ’ s the job of the executive, to explain