This one is perhaps more straightforward: a lack of suitable talent will be a major obstacle to Regtech adoption. As a start, no doubt a combination of upskilling and sourcing new hires is the key to developing talents with the right combination of local regulatory knowledge, technical skills and business acumen. To take that one step further, if Hong Kong can evolve into a hub for global Regtech talent, we will be uniquely positioned to build and export Regtech solutions to the rest of the world. 46. The White Paper suggests developing a Regtech skills framework. This framework will cover suitable modules and competency standards. And we would seek to identify the skills required for different roles and which would help speed up Regtech adoption, and then we would help train and develop both new entrants and existing practitioners. 47. Finally, on “Momentum Matters”. All our hard work will not bear fruits if the momentum for changes cannot be sustained. It is therefore crucial to keep the industry engaged in the years ahead. One suggestion is that we introduce a benchmark for our progress in increasing Regtech adoption. This benchmark will provide us with a holistic framework that will enable us to visualise the success of our Regtech initiatives. 48. That is a quick snapshot of the key recommendations in the White Paper. In fact, we are already putting some of those recommendations into action. 49. For example, a flagship event is already planned for the first half of 2021.
David Clementi: A bank for all regions: promoting monetary and financial stability in the United Kingdom Speech by Mr David Clementi, Deputy Governor of the Bank of England, to the Ulster Society of Chartered Accountants, Belfast, 14 March 2002. *  *  *  Introduction Ladies and gentlemen, thank you very much indeed for your kind invitation to be here with you tonight. Despite its name, the Bank of England is the central bank of the United Kingdom, and as such it is essential for us to get out and about in the country at large, explaining our actions, and listening hard to the views of businesses and the wider public about the way we are doing our job. In the past year, members of the Bank's Monetary Policy Committee have made some 50 visits across the UK. On this trip, apart from attending this dinner, I have held a meeting with the regional council of the CBI, discussed trading conditions with local business people, and explained our mission to some of the Northern Irish press. I want to cover three main themes in my comments tonight. First, I want briefly to explain the Bank's general approach to monetary policy. Second, I want to give you my current assessment of the outlook for the economy. And, third, I want to explain the Bank's other key role - that of maintaining stability in our financial system.