’ ah research academy for islamic finance ( isra ), islamic banking and finance institute malaysia ( ibfim ) and international centre for education in islamic finance ( inceif ) for greater synergy in international research and training, as well as capacity building. in concluding, i wish to congratulate the irti team, that has worked diligently with the council of islamic banks and financial institutions ( cibafi ) and thomson - reuters in producing this report. it is my hope that there is further continuity in developing such country references that can showcase the offerings of islamic finance to the global community. with this, more jurisdictions can contribute towards advancing islamic finance as an alternative financial system that adds diversity and vibrancy to the economy. thank you. bis central bankers ’ speeches

jessica chew cheng lian : integrated risk management approach for maintaining resilience & sustainability speech by ms jessica chew cheng lian, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the business continuity management conference “ integrated risk management approach for maintaining resilience & sustainability ”, kuala lumpur, 15 september 2015. * * * i would like to thank the disaster recovery institute, malaysia and sterling risk solutions for the invitation to speak at this business continuity management ( bcm ) conference. today, the ability of corporations to effectively manage risks has become a key factor that determines the agility and resilience of businesses. business imperatives are changing so dramatically that risk management has become a more significant part of most organisations out of sheer necessity – largely driven by regulation, the desire to avoid costly sanctions, or to respond to increasing environmental and political risks. in leading organisations, the successful integration of risk management with strategic and commercial decision - making is creating important competitive advantages that are likely to be sustained over the longer term. this distinct organisational strength is one that cannot be easily replicated for the simple reason that building and maintaining a complete organisational response to strategic risk management, unlike say introducing a new product or marketing strategy, is not something that is accomplished within a short period of time. this morning, i would like to talk about some of the changes we are seeing in the practice of risk management and reflect on important priorities for risk management as observed from our work at bank negara malaysia with the financial industry. i will then offer some brief perspectives on business continuity management and close with some final thoughts on the prospects for the insurance industry in malaysia to contribute towards the advancement of risk management capabilities across malaysian businesses. changing practices in risk management since the financial crisis, risk management practices have come under intense scrutiny. the spectacular failures in risk management in the lead up to the crisis prompted deep reflections on what had gone wrong with risk management systems and practices – not least of all among companies that had invested heavily in sophisticated risk measurement and management systems only to have them ultimately fail to detect or control risk exposures. closer to home, businesses in malaysia are currently facing a set of challenging business conditions and some are likely to find themselves ill - prepared to respond to the challenges, with important implications for their future prospects. so what can we learn about the changing practice of risk management from these experiences? a first observation to my mind concerns the importance of building a strong risk culture supported by governance arrangements that