The challenges call for enhanced human capital development to cope with this changing dynamic world. As HR Directors, I want to encourage you to formulate capacity development initiatives to equip staff with necessary skills and competencies to effectively manage these challenges in a manner that guarantees a balance between efficiency and stability.
Traditional capital regulation, with an implicit aim of protecting only conventional policyholders over time, potentially through an orderly insolvency, does not reflect the balance sheet risks I have just described.