However, no crisis was observed in Japan during this period. To avoid a potential false alert, we have to be able to discern such an “economic lull”. The lagging index is useful for this purpose.
Thus, we also highlight that these efforts are underpinned by sound digital governance, adequate risk management practices, and robust internal controls. 1/2  BIS central bankers' speeches  Given these developments, it is important for the internal audit function to reposition itself as a strategic partner in driving digital value.