The problem stemming from the rise in housing mortgage loan delinquencies has crossed the Atlantic to the European markets through a decline in the credit ratings of securitized products such as asset-backed commercial paper (ABCP) with mortgage loans as collateral. With uncertainty regarding the location and the scale of risks, the functioning of credit markets including securitized markets has deteriorated overall.
It is unfortunate that we could not have hosted this meeting in Manila where we can personally meet and welcome you, but I am sure that this virtual conference will be just as engaging and productive. Behind the theme of this year’s meeting, which is aptly entitled “Internal Audit at the Forefront of Digital Innovation”, is a similar novel concept: Digital Darwinism.