by banks to classify themselves into a cluster based on its technology and process dimensions. accordingly, banks have been advised to conduct a self - assessment and furnish the estimated timelines for the project. report on information security, electronic banking, technology risk management and tackling cyber fraud 18. rbi has recently released a report on information security, electronic banking, technology risk management and tackling cyber fraud. the group that has prepared the report has delved into various issues arising out of the use of information technology in banks and made its recommendations. the detailed recommendations are comprehensive and if adopted by the banks, they would go a long way in minimizing the risks that the banks are more often than exposed to. i would like to speak upon some of the issues highlighted in the report which have a major bearing on the functioning of banks : it governance 19. bankers need to feel confident that investments in it are likely to realise value in the enterprise. they should consider these questions regarding their it : are we doing the right things? are we doing them the right way? are we getting them done well? are we getting the benefits? gaining this understanding will enable them to unlock and maximise value from these investments and enhance their business operations. in this regard, idrbt has already prepared a model it governance framework which can be emulated by banks for their benefit. this model framework derives inputs from the business goals. these inputs are put bis central bankers ’ speeches through a four dimensional inter - linked view of it as a function – strategize, build, operate and assure ( sboa ) – aimed at delivery of the desired results in terms of the pre - defined performance indicators which can be tweaked further depending on the evolving expectations of the bank ’ s business. the model suggests the sboa cycle for the it function be brought under effective it governance through appropriate linkages and interdependencies. it is for banks to derive benefit from the pioneering work done by idrbt in this regard. information security 20. as the use of critical it systems becomes widespread within banks, the growing connectivity between these information systems, the internet and other infrastructure, create opportunities for increasingly sophisticated attacks on such systems. it is therefore essential to ensure that any disruptions of critical information systems are contained and managed effectively to minimize their impact. the security team for important projects must be best in class, and the security solutions must always be cutting edge at all times. security is widely regarded as a hygiene

does a long - term goal of net zero emissions mean for the fund? one key recommendation from the expert group is that norges bank ’ s responsible investment is given a long - term goal of working towards net zero emissions from the companies in which the fund is invested. norges bank supports this recommendation. some might interpret this as a plan to divest from companies with high emissions. but that is not our intention, nor is it what the expert group is recommending. instead of divesting, we aim to use active ownership to be a driver for change, pushing companies to make the transition to net zero emissions. to have that influence, we need to be on board as a shareholder. and we believe that our active ownership works. it works because we are large. norges bank is among the top ten shareholders at around half of the companies we are invested in, and we have found that companies listen to what we have to 2 / 6 bis central bankers'speeches say. responsible investment – a chain of tools chart : responsible investment – a chain of tools responsible investment is the most important tool in our work on climate risk and climate - related investment opportunities. i will now look at some important parts of this work. we are already doing a great deal, but we now plan to do even more. this work can be divided into three target areas : markets, companies and the portfolio. this results in a complete chain of tools. i will not review this work in detail here, but focus on a few key aspects. establishing standards the first, establishing standards, concerns standards for reporting and measuring companies ’ climate risk. good common standards are important. they help us as an investment manager to assess companies ’ prospects, prioritise our ownership efforts and make sound investment decisions. and not just us. better reporting will also make financial markets function better and channel capital better. international standards provide consistency across markets and set the bar for all companies. we, and other large investors, have an important part to play in the development of such standards. one particularly important initiative we have supported is the climate reporting framework from the task force on climate - related financial disclosures ( tcfd ). this reporting has been voluntary, but we believe it now needs to be made a requirement. another cause we are supporting is a comprehensive standard for sustainability reporting in line with the new international sustainability standards board ( issb ). we will also work towards good standards for reporting on indirect emissions in companies ’ value chains