) the development of securitized credit, since based on the creation of new and more liquid markets, has improved both allocative efficiency and financial stability. ( iii ) the risk characteristics of financial markets can be inferred from mathematical analysis, delivering robust quantitative measures of trading risk. ( iv ) market discipline can be used as an effective tool in constraining harmful risk taking. ( v ) financial innovation can be assumed to be beneficial since market competition would winnow out any innovations which did not deliver value added. each of these assumptions is now subject to extensive challenge on both theoretical and empirical grounds, with potential implications for the appropriate design of regulation and for the role of regulatory authorities ”. ( turner review, 2009, p. 30 ) what were the specific developments in the financial system that arose from these broadly accepted intellectual assumptions that led to the ongoing global financial crisis? financial and banking crises have a long history, which is as old as the existence of the financial sector itself. what is common among almost all crises is the build up of excessive leverage in the system and the inevitable bursting of the financial bubble that results from such leverage. what is interesting about the current crisis is that this excess leverage occurred over a period when greater consensus had developed through the basel process on the need for and level of adequate capital required in banking institutions across all major jurisdictions. furthermore, sophisticated financial risk management capabilities were also believed to have been developed within large financial institutions during this period of unusually high rapid growth in both the magnitude and sophistication of the financial system. with financial deregulation in key jurisdiction like the united states and the u. k., along with most other countries, financial institutions also grew in complexity. financial conglomerates began to include all financial functions under one roof : banking, insurance, asset management, proprietary trading, investment banking, broking, and the like. the consequence has been inadequate appreciation and assessment of the emerging risks, both within institutions and system wide. what were the factors that led to this emergence of excessive system wide and institutional risk? among the notable developments of the last decade has been the unprecedented explosive growth of securitized credit intermediation and associated derivatives ( yellen, 2009 ). the assumption underlying this development was that this constituted a mechanism that took risk off the balance sheets of banks, placing it with a diversified set of investors, and thereby serving to reduce banking system risks. as late as april 2006, the imf ’ s global financial stability report

. given the recent success of remote working, many organisations are looking to capitalise on productivity and efficiency gains by establishing an effective hybrid working model that supports both office and remote working. these efforts can complement initiatives at a national level such as the national employment portal, myfuturejobs, which facilitates ease of job matching based on skills and competencies. with a strong foundational strategy in place, workers will not only be able to survive, but also thrive in a future - ready workforce. strengthening business - education partnerships through publicprivate collaboration 3 / 4 bis - central bankers'speeches ladies and gentlemen, an interesting insight from the last few decades is how quickly skills become obsolete. we know this will be true going forward. time horizons for reskilling will continuously shorten, as will the shelf - life of new skills. just - in - time learning may become the dominant pedagogy, with much shorter training focused on task - specific skills, flexible time commitment and agile curricula. reviews of existing curriculum can no longer have a fixed lifecycle and must keep pace with future skills needs through periodic reviews. this leads me to my final point. more effective collaboration between the private and public sector is invaluable to enhance talent development at all stages. partnerships among the education sector and employers can address this by enabling better workforce planning across disciplines, improved academic program design and relevant graduate skillsets. for malaysia, this results in lower employer training costs, improved productivity and more industry - ready graduates. i'm aware some here have existing tie ups along these lines. your insights on the success, challenges and way forward today can be invaluable for others in the sessions ahead. another avenue is through reformation of the technical and vocational education and training ( tvet ) system. intensified industry involvement in curriculum design and delivery through increased apprenticeship, hands - on training, real - life simulations and specialised employer training programme can help students gain real working experience. this system, enabled by appropriate financial support and enhanced coordination with the public sector can help to strengthen tvet as a viable alternative to traditional tertiary education and hence, improve the quality of graduates. concluding message let me conclude. structural shifts in the configuration of our economy will continue to drive further evolution in the workforce. the call to action is both evident and urgent. this means renewed opportunities for everyone here today. we have leaders representing the government, industry, training providers, institutions of higher learning and public policy. we ought to focus