Our work programme also gives priority to initiatives such as the G20 Roadmap, coordinated by the FSB, aimed at promoting the development of cross-border payments, to make them cheaper, faster, more transparent and inclusive. A key output of the Roadmap is the identification of a set of qualitative and quantitative targets in the four main areas of costs, speed, access, and transparency.
Finally, I will talk about some of the regulatory developments & supervisory expectations to strengthen the operational risk management within our banking sector. Operational risk has always existed as one of the core risks in banking. But what constituted operational risk was never agreed until the Basel Committee on Banking Supervision (BCBS) came up with a definition.