There is of course much to be done in understanding the complex interdependencies and concentrations, and how these might impact on financial stability. So we need data and market intelligence in this area. And we need to improve our ability to make exante judgements about the possible behaviour of both investors and intermediaries, as well as the potential depth of markets. Equally we need to be sure we would have relevant information and understanding of markets and agents should problems arise. BIS Review 36/2005  5  c)  Infrastructure (Including Payment Systems)  Focus is also important in the field of payment, clearing and settlement systems. Historically payment systems were primarily domestic entities, but as markets have become more globalised so too has the underlying infrastructure. This has helped to enhance efficiency, but leads also to added network or “single point of failure” risks. As 9/11 showed, when problems arise in this area liquidity injection may be needed to prevent market or institutional failure, and risks of instability to the financial system could mount swiftly. This brings us to one of our “must dos” – oversight of payment systems. Based on adequate data and understanding we work here on: enhancing interoperability, strengthening risk management, strengthening business continuity resilience, and improving governance. d)  International Architecture  International architecture and emerging markets exposures are a broad arena where there are particular risks and complexities which lead us to look at it separately.
Not everyone wants to be steeped in fan charts; modelling and stress testing. Yet the decisions we take impact every UK citizen. How can they rely on us – the dreaded experts? Of course, trust can be built through a track record, but it can also be grounded in familiarity. People trust vi  individuals, places and things that they know. Reflecting the diversity of the people we serve can reduce misperceptions that we are experts making esoteric decisions in an ivory tower for the benefit of others. Moreover, diverse decision-making bodies typically have greater political support and enjoy greater public trust. vii  They also tend to achieve better policy outcomes through better understanding of community needs  and more effective dialogue with the wider population. viii  Better decision making, innovation and adaptability  Homogenous groups that pay insufficient attention to minority views are vulnerable to biases, groupthink and over optimism. They are more likely to be influenced by the way information is presented (framing); and to stick with under-performing projects because of prior investments. ix  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Diverse groups can overcome these ills as they are more inclined to consider novel ideas and challenge each other, enabling them to infer cause and effect and to solve problems better. Diverse teams are also better able to adapt to changes and are more resilient.