jessica chew cheng lian : opening remarks - national resolution symposium opening remarks by ms jessica chew cheng lian, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the national resolution symposium, kuala lumpur, 18 october 2023. * * * it is my great privilege to be here this morning. i would like first of all to congratulate the board and management of pidm for organising this important event. much like pidm's metaphoric umbrella, resolution frameworks and systems are not something many pay close attention to, and would much rather leave aside, when the weather is fine. but when storms blow, we fervently hope they work. this symposium is a timely reminder to examine our umbrella and make sure it works. globally, financial industry players and regulators have long understood the importance of a good resolution regime. bank failures in the us during the great depression of 1929 underscored the need to preserve public confidence in the domestic banking system – leading to the formation of the federal deposit insurance corporation or fdic. fast forward 75 years into the highly connected modern financial system that we live in, and we have the widespread contagion of the global financial crisis that taught us that resolution schemes cannot be designed in isolation, but requires a broader international solution. since then, the financial stability board has played an active role in establishing and advocating international standards to fortify the resilience of banking systems worldwide – a centrepiece of which is the key attributes of effective resolution regimes. malaysia has embraced these standards, recognizing the exceptional times we are living in, and the considerable financial stability risks that they pose. building resilience against these risks entails both promoting sound financial institutions that are less likely to fail through strong regulation and supervision on the one hand, and protecting the system when financial institutions do fail, by strengthening our capacity to deal with failures swiftly and safely on the other. this is a continuous spectrum. at bnm, we remain sharply focused on ensuring that banks are identifying and managing risks in their business and operations prudently and responsibly. this includes technology - and cyber - related risks that continue to confound financial institutions and supervisors, and longer horizon risks that we do not yet fully understand or can measure, such as climate - related risks. 1 / 5 bis - central bankers'speeches in parallel, we are working hand - in - glove with pidm to strengthen the system's collective preparedness to respond to institutional

4 / 5 bis - central bankers'speeches agenda for the financial system in malaysia. this has enabled us to proceed with increasing confidence in ongoing efforts to deliver a cogent response in dealing with financial institution failures under a wide and diverse range of stress scenarios – including scenarios yet to be conceived. we hope we never have to do so, but together, we must be ready to act when needed. on that note, i wish you productive discussions in the sessions ahead. thank you. 5 / 5 bis - central bankers'speeches