As ORSE's report on corporate ethics, responsibility and strategy1 quite rightly reminds us, "Corporate ethics is not built on obedience, but on engagement and discernment". Employees must be able to identify ethical "grey areas" even when their manager or clear rules are not available. If ethics are to permeate corporate practices, they must form an integral part of HR policies and structures. For example, during selection procedures for external recruitment or internal promotion, particularly for management positions, the integrity of candidates during their career should be seriously assessed and taken into account. Ethics in themselves have value. Good performances can neither excuse nor compensate for questionable ethical behaviour. Results obtained at the expense of ethical standards should not be rewarded. On the contrary, they should be penalised in order to send the right message with regards to expected behaviour, including from the managers of the employees concerned. Diversity within teams, and particularly management teams, should be encouraged. Experience shows that diversity – in terms of gender, social background, education, thinking – is a factor in risk prevention. An overly homogeneous group does not debate, loses critical thinking and as a result takes more risky decisions. At a time when technical processes and compliance procedures are becoming 2/3  BIS central bankers' speeches  increasingly complex and favour dialogue between human and machine, direct human contact should once more be given the importance it deserves.
We will continue to make Singapore an attractive city where foreign talent will want to come to work and live and where they will feel at home. Conclusion Let me conclude. ASEAN is entering a new and exciting phase. Individually, each ASEAN country possesses unique strengths and offers unique opportunities. Together, an integrated and revitalised ASEAN holds great promise to become the third engine of growth in Asia. Singapore will contribute to the power of this engine. I wish you a pleasant evening and hope that you will have a fruitful stay in Singapore. Thank you. BIS Review 47/2007  3