credit underwriting, reducing demand for certain roles such as bank tellers, while increasing demand for technical jobs such as data scientists and programmers. these trends are not confined to those in finance but across industries. however, i would caution against us falling into the turing trap – or automation bias – where technology is viewed as replacement for humans. instead, as we have seen throughout history, while technology and innovation would inevitably displace some jobs, it will also often be accompanied by creation of new and better jobs. as such, the role of policy is three - fold : one, encourage technological investments to improve overall productivity and competitiveness. two, ensure that such investments yield high - paying job opportunities. three, invest in re - skilling and up - skilling efforts so that malaysians can seize those opportunities. as the nature of work changes, so must our workforce. malaysians should be provided with opportunities to continuously retool themselves throughout their career, in response to evolving demands. while the government and academia have roles to play, i also believe that industry should take greater ownership of forward - looking reskilling initiatives. an example of this is the financial industry - driven future skills framework ( fsf ) initiative led by the asian institute of chartered bankers ( aicb ). financial sector talents are future - proofed through reskilling and upskilling interventions. as an organisation, bnm has also invested deeply in upskilling our workforce. by partnering with global 2 / 3 bis - central bankers'speeches technology leaders, we bring advanced expertise to our staff, providing them hands - on experience with transformative tools. our goal is to equip our people not just to meet today's challenges but to shape the future of finance and economic policies. apart from investing in our adaptive capabilities, we must also protect those who may be vulnerable to these changes. we recognise that not everyone is equally prepared or able to keep up with the sweeping changes of technological waves. it is our duty to provide a safety net so that they do not get left too far behind. an important part of this safety net is the active labour market policies to help disadvantaged individuals re - enter the workforce on a much stronger footing. these policies are crucial to partially mitigate the inequality impacts that technological disruptions could create. the constant tension between technological progress and the nature of jobs is not new – and it is here to stay. from automotive displacing horse carriages to emails and texts displa

john c williams : now is the time for banking culture reform remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the governance and culture reform conference, federal reserve bank of new york, new york city, 18 june 2018. * * * introduction it ’ s a pleasure to speak at today ’ s conference on this critically important issue, one that bill dudley and his colleagues have done tremendous work bringing to the forefront over the past few years. it ’ s also an honor to be sharing a stage with bill today, and i ’ d like to thank him for his outstanding leadership of the new york fed. i ’ ve learned a great deal from this conference, especially hearing the diverse perspectives and experiences of regulators from across the globe, industry leaders, and academic experts. the speakers and discussions have already covered a lot of ground, so i ’ ll keep my remarks brief. this afternoon i ’ m going to talk about the urgent need to focus our attention on banking culture in supervision and what that means in practice. before i go any further, i have to give the usual fed disclaimer that the views i express are my own, and not necessarily those of anyone else in the federal reserve system. the good times are when to get your house in order in the wake of the financial crisis and ensuing economic downturn, the world ’ s attention was trained on financial services. the crisis severely eroded people ’ s trust in the industry, both here and abroad. governments and regulators quickly got to work fixing the main deficiencies in the existing regulatory framework. these included requiring much stronger loss - absorbing capital to weather severe economic downturns, demanding greater liquidity cushions to withstand market and funding disruptions, and creating a robust resolution framework to protect both the economy and the taxpayer in the event of a failure of a systemically important firm. these changes were appropriate and necessary. we must not lose sight of their importance in safeguarding the soundness of the financial system and in ensuring that future generations do not have to suffer the economic trauma that we lived through this past decade. bringing us to the present day, we are in a much, much better place, in terms of both the financial sector and the overall economy. we have a more robust regulatory regime in place, and banks are well positioned to survive future storms. furthermore, our economy ’ s in great shape ; we ’ re in the second - longest expansion in history, and economic data from