the starting point if it is to draw on the energies of the entire organisation. articulating it with great clarity throughout the organisation allows the collective alignment to the goals. this also avoids being diverted by distractions when we are confronted with destabilising times. it is also imperative when we are ambitious with bringing about change and transformation. knowing clearly the outcomes and the benefits it brings increases the potential of bringing diverse groups within a country and across countries to building the consensus on achieving a common goal. another aspect that needs to be mentioned is being paranoid about the worst that could happen. this is sometimes referred to as productive paranoia. central bankers need to excel as risk managers – knowing what could go wrong and prepare for the worst that is yet to come. in part it involves building the buffers to prepare for the unexpected events before they happen. when i am asked the question about how we are going to manage ‘ the lift off ’ – the normalisation of interest rate by the federal reserve in the united states – my response is that it is not what we will do now but what we have done before it happens that will see us through this period. it is not only the buffers that have been built but also the capability that has been developed that will better allow us to intermediate and thus absorb the shock. this will enable us to withstand the volatile financial flows that are already occurring in anticipation of this eventuality. sometimes there are also black swan events. these are defined as those developments that have a low probability of happening and that is difficult to predict and anticipate. being paranoid and building the resilience against such shocks will contain its damaging effects. therefore continuous rigour needs to be applied all the time, during the good times and the challenging times. vigilance, detecting developments that could signal danger, early recognition of risks are all important. also knowing how your risk profile changes over time will avoid one being taken by surprise. central banking is therefore not for the faint of heart. it not only demands the high levels of energy – not just the physical energy, but that of the emotional, spiritual and the mind. when tested to the limit, it is from these sources of energy from which the strength is derived. investing in these sources of energy will avoid its depletion. energy should not be taken for granted. then there is the courage that is needed. it is derived from your convictions and values that you hold, reinforced by your sense of purpose and what motiv

to congratulate abs for its launch today which opens an exciting new chapter as it seeks to contribute to the new era of growth for the banking sector. whilst its raison d ’ etre is to serve the malaysian banking sector, i have every confidence that asian banking school as the name suggests, will in no time start to expand its reach and relevance beyond national boundaries to evolve its role in meeting learning and development needs of the banking workforce in the region. last but not least, let me also thank everyone involved in the process that has brought us to this momentous occasion today. without their vision and commitment, today ’ s occasion would not be possible. thank you. bis central bankers ’ speeches