It is crucial to determine whether banks have the capacity to develop robust IT systems that align with their business strategies. Future-proofing by banks of their IT infrastructure becomes imperative, necessitating strategic investments in both capital and operational expenditure. As virtual work environments and cyber risks become more prevalent, effective IT governance takes on heightened significance. 19.
In 2022, we chose the theme for this year's conference based on events very much on the minds of central bankers: "Global Supply Shocks, Trade Frictions, and Inflation." Global and sectoral supply shocks over the past few years have had significant effects on trade, economic activity, and inflation, and they figured prominently in monetary policymaking.