##ivating a culture of lifelong learning goes beyond setting aside a specific amount of budget for training every year. its ethos should be integrated with how the organisation operates – for example by featuring development as part of career progression, encouraging learning and exchange of knowledge in everyday workflows and processes, and creating opportunities for employees to reskill and upskill themselves. executive sponsorship is key and so the board and senior management must champion this agenda. equally important is the role of the board and senior management in preserving strong ethical standards and integrity throughout the organisation. fostering trust and credibility in our financial system is of the utmost importance to preserving public and investor confidence. our supervisory reviews over many years have found that institutions that are intentional and uncompromising in upholding high standards of governance and ethical conduct are far less likely to be exposed to financial and reputational risks. therefore, we expect the industry to be more deliberate in integrating strong ethics and sound risk culture throughout the organisation's operations to prevent abuse, misconduct and exploitation. to achieve this, the board and senior management must provide strong and visible leadership on the desired values and acceptable conduct not only for the institution, but also the industry that you are a part of. leaders must take direct ownership of the process for assessing and managing culture, and send a strong, clear signal that they do not tolerate fraud or predatory conduct. this must include the robust screening of prospective employees to prevent individuals that have defrauded 3 / 4 bis - central bankers'speeches institutions or customers from re - surfacing in the industry. this industry is built on trust and that trust depends on staff of financial institutions acting with integrity, honesty, transparency, fairness and empathy towards the public they serve. ladies and gentlemen, today's launch marks a major step in our journey to realise the vision for the fsf which we set out in the financial sector blueprint 2022 - 2026. but the work has only started. i hope that the fsf will inspire talent ecosystem stakeholders into action, not just to meeting today's needs but also the future skills required for tomorrow. my goal is for all to join us in this effort to develop a workforce that continues to better support the needs of the country. in keeping with a whole - of - nation approach, we will need the support of many stakeholders : equip individuals with skillsets that can ease entry into the financial sector through relevant offerings by tertiary education providers ; development of future skills taxonomy and job - skills matching platforms that

abdul rasheed ghaffour : keynote address - launch of future skills framework keynote address by mr abdul rasheed ghaffour, governor of the central bank of malaysia ( bank negara malaysia ), at the launch of future skills framework ( fsf ), kuala lumpur, 22 july 2024. * * * i am honoured to be here today for the launch of the future skills framework for the financial sector also known as the fsf. i would like to commend the asian institute of chartered bankers, malaysian insurance institute and the islamic banking and finance institute malaysia for driving this important initiative, and to the financial industry for all the work that went into the creation of this framework. let me start with a brief mention of the economy's prospects. malaysia's economic growth performance remains forthcoming. despite the many challenges and uncertainties, recent indicators reaffirm our assessment for an improved outlook of 4 % to 5 % growth this year. the economy expanded by 4. 2 % in the first quarter of 2024, and the advance estimate for the second - quarter gdp indicated a better expansion of 5. 8 %. the growth performance was supported by resilient domestic demand and recovery in external demand. this resilience is a direct result of our transformation to build a stronger and more diversified economy. this also underscores the importance of reforms to better position ourselves for the future. the nature of work is also evolving. all over the world and across industries, automation, ai and other digitalisation trends are reshaping jobs and creating new ones. this means that the skills that matter in the workplace will also evolve and become more diverse. what is clear is that the workforce needs to be agile and resilient to change. this is especially pertinent for the malaysian financial sector, even as we strive to further develop and position the financial industry to more effectively serve the economy – a progressive and productive economy that is powered by innovation. to make this a reality, about 168, 000 individuals working in the financial sector must be equipped with the right knowledge and skills. in this respect, the fsf is an important agenda to futureproof the sector's workforce and ensure that it plays a pivotal role in driving economic growth. ladies and gentlemen, the financial sector is an important employer, providing high - quality jobs to many in malaysia. despite ongoing efforts to digitalise operations, the financial sector workforce expanded by almost 3 % in the last two years, with most employment