internal control environment is a matter that concerns the entire central bank community. we recognize the challenges and complexities in strengthening prevention, detection, and incident response regimes around processing of fraudulent payment instructions. swift users span the full range of it sophistication and capacity, and remediating deficiencies in prevention and detection may require a substantial re - orientation of priorities and resources for some institutions. overcoming these obstacles will be no easy task, but so long as there is a weak link in the cybersecurity chain cybercriminals will seek to exploit it. reflecting the complex, systemic, and cross - national nature of the threats, recent global initiatives have been undertaken at multiple levels. at the international level, swift has taken the lead through its customer security program ( csp ). at the core of the csp is promoting increased transparency concerning the adherence of swift users to best practices on internal controls, with a related attestation required by the end of this year. at the global standard - setting level, the bis committee on payments and market infrastructures ( cpmi ) initiated last year a task force on wholesale payments security. the task force was established to look into the security of wholesale payments that involve banks, financial market infrastructures and other financial institutions. this effort builds on previous work by the cpmi on cyber security and operational risk and is working to make sure there are adequate checks and balances in place at each stage of the payments process. while these international efforts are important and necessary, they are in themselves inadequate unless there is buy - in at the institutional level for strengthening internal risk frameworks, controls, and cultures. for some, this may require investing in expanded technical capabilities. but for all, this is represented by “ going back to basics ” by continuously reinforcing strong risk management policies and practices in your work environments. cyber incidents often originate from an initial breakdown at the human level, be it inserting an unauthorized usb drive, leaving a token inserted overnight, clicking on an improper link, or falling prey to social engineering. as we all move forward to strengthen the global financial system, we stand ready to cooperate with african central banks, a critical component of which is building strong relationships of trust and understanding. our participation in these meetings are an important part of furthering our partnership and we look forward to a more comprehensive and sustained engagement going forward. 2 / 2 bis central bankers'speeches

of the recent crisis, of entrepreneurship focused on business opportunities in which the scale, organisation and capital requirements were not key determinants to success. this appears to have been – alongside outward migration – the response of economic agents to the job destruction caused by the crisis. 1 / 3 bis central bankers'speeches this is positive news as it shows that the economy was able to react. however, although it is true that this type of entrepreneurship makes economic adjustment easier, it is important to recognise that it is not enough to lead the portuguese economy to a higher growth path. for this we need two additional types of entrepreneurship : entrepreneurship focused on technological business opportunities ; and entrepreneurship that promotes the restructuring and growth of existing small and medium - sized enterprises. public policies have a relevant role to play in the promotion of these types of entrepreneurship, from the adoption of a legal and institutional framework conducive to an attractive business environment – that is, a business environment that enables a more efficient and flexible allocation of available resources and promotes a reduction in the levels of uncertainty that economic agents operate in. the attractiveness of the business environment depends on countless factors, from the operation of the labour market to the operation of the capital market, to corporate insolvency and recovery mechanisms, to name but a few. notwithstanding, no matter how relevant the business environment may be, the way the manager combines that environment, the organisation and the firm ’ s strategy is actually equally critical to economic growth. for this to result in production that is desired and valued by the market, we always need a management model that is effective and professional. in an economy like that of portugal, in which family - run firms form a large proportion of small and medium - sized enterprises as a whole, the reconciliation between family ownership and management professionalisation is a critical element in the evolution of the corporate sector and the portuguese economy. the separation of ownership and management is a decisive factor for management professionalisation. such separation allows a fair balance to be found and safeguarded between the continuity of the entrepreneurial factor that was present during the development of a given firm, the legitimate interests of the different stakeholders of that firm, and the defence of an ambition to grow in scale and / or value chain migration. that is, only through the professionalisation of management, combined with the continued commitment of the entrepreneurial elements present, can there be an affirmation of more effective management models and the sustainability and growth of business. public policy can encourage management professionalisation in