edge framework for the identification and assessment of financial vulnerabilities. again, the principles of transparency and engagement will shape the work of the group. it is important that a wide spectrum of financial participants be brought into the process, from banks and nonbank financial institutions to financial regulators to national authorities and multilateral standard - setting bodies and the broad academic community. this task is essential to the mission of the fsb ; financial developments move at a rapid pace, and being able to quickly and accurately assess vulnerabilities is essential if we are to take action to prevent future crises. analysis finally, the fsb members must employ a critical eye toward the effects of the regulations that have been put in place. many of the reforms have been in place long enough for them to be evaluated. we can judge whether reforms are having their intended effects and making the financial system more resilient. are any regulatory reforms causing unintended, adverse effects? can we achieve the same, strong level of financial resilience with reforms that are more efficient, simple, transparent, and tailored? the fsb must champion efficient and effective regulation in order to maintain public support for the progress we have made. key pieces of the fsb ’ s work plan now i would like to turn to three prominent issues on the fsb ’ s agenda in 2019. i will start with two relatively new issues that continue to evolve and grow in sophistication : nonbank financing and fintech, and then i will turn to the important work we are beginning on evaluating the effects of reforms aimed at ending too big to fail. fintech i will loosely define fintech as technology - enabled financial innovation that results in material changes to the provision of financial services. as is often the case when technological innovation meets established business, fintech has attracted a great deal of attention, ranging from utopian claims to hostile skepticism. claims about fintech ’ s promise abound : it has the power and potential to reduce economic inequality, increase financial inclusion, and boost economic growth. 3 / 6 bis central bankers'speeches through the introduction of new methodologies, greater information curation, and reduction in processing costs, fintech could potentially reduce financial volatility and vulnerabilities. we are already seeing significant changes to how many people around the world obtain financial services. for example, in kenya, a mobile payments technology has introduced mobile wallets to millions of people, many of whom never had a bank account. in the united

njuguna ndung ’ u : building a platform for greater partnership remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the business editors ’ workshop, naivasha, 2 may 2014. * * * dr. haron sirima, deputy governor, central bank of kenya mr. jaindi kisero, managing editor ( economic affairs ), daily nation business editors here present central bank of kenya colleagues other distinguished participants ladies and gentlemen i would like to register my profound appreciation to you, members of the fourth estate for making time to attend this workshop. no doubt, your role as editors is extremely demanding on your time. i believe this workshop in an important step in enhancing the partnership between the central bank and the media, in line with the theme, building a platform for greater partnership. as you may already be aware, it was once believed that central banks needed to be as uncommunicative and as secretive as possible due to the conventional idea that doing so would safeguard the autonomy of policy making, coupled with the perceived wisdom of saying as little as possible. however, the last 15 or so years has witnessed tectonic shifts regarding how central banks view their communications. central banks have recently begun to engage in public communications more proactively and purposely. the shift is validated by the linkage between enhanced communication and the achievement of economic outcomes. transparency in the policy making process creates partnerships and best outcomes. ladies and gentlemen : communication is essential to the functioning of a modern central bank as a policy tool rather than merely a means of conveying information, as traditionally understood. communication enhances the effectiveness of policy by improving the public understanding of policy objectives and enhancing the legitimacy of the message. an overriding priority for a central bank is to provide financial markets, and by extension the general public, the confidence that its policy actions are in the public interest. by clearly explaining its objectives, central banks gain public support and in the process, secure the opportunity to shape expectations and influence behavior in a desired direction. additionally, the prevailing emphasis on communication is informed by the need to balance increased demands for central bank independence with an equally necessary accountability to the public. that means ensuring that policy objectives are communicated in a manner that is understood and comprehended by the target audience. by investing in communication, central banks earn the trust of the public to pursue its strategic priorities independently. in addition, the decisions made by the central banks are themselves important inputs to