Financial institutions will be required to keep proper records related to employees and to provide the required information when requested by another institution. This will guard the system against disreputable staff and enact barriers against potential threats to the integrity of the system. As guardians of the system, bankers need to look at these requirements as useful enabling tools or defenses that help with their mission to successfully protect the integrity of the system. Guardians of knowledge and wisdom The complexity scientist, Samuel Arbesman in his study of how knowledge develops, postulates that knowledge behaves like radioactive decay. Every fact has a ‘half-life’ and it will inevitably decay. It means that the frontier of knowledge also changes constantly. What we know today may be untrue tomorrow. This rings true for matters concerning banking. The immediate manner in which our knowledge becomes obsolete certainly ties in with our experience in banking and society at large. For one, the complexity of economic, environmental and social challenges seems to increase exponentially. Furthermore, much of the knowledge frontier remains unexplored. Consider this. We only utilise less than 0.5% of our existing data. There is a long way to go. The potential is enormous. In all likelihood, what we know today will be vastly different in two, five and 10 years into the future. We see this happening already in the banking sector, with the greater use of technology and in particular, more creative use of data analytics to better serve consumers and business needs.
This is indeed an ambitious and complex project, and we need your support and cooperation. I am very optimistic on this venture as the collective body of professional bankers in this room today can achieve great things if we act with professionalism, courage and vigour in our respective roles. I believe that all of you here today, the brightest minds of the banking sector, will rise confidently to the challenges and opportunities that lie ahead, armed with a strong foundation in banking knowledge with a renewed commitment to the nobility of the banking profession. 3/4  BIS central bankers' speeches  Before I end, let me say a few words about the post-election environment that we are in. The Monetary Policy Committee of Bank Negara Malaysia last Thursday, the 10th of May, and we reaffirmed that the outlook of the Malaysian economy remains strong, healthy and robust. Moving ahead, the Bank will continue to ensure orderly conditions in the onshore financial markets. Malaysia is no stranger to short term volatility given that we are an open economy that is highly integrated with global markets. Our experience tells us that we must be careful not to overreact to market noises, especially when it is caused by factors which are temporary in nature. The negative but much reduced influence of the NDF market should not detract the ringgit movements over the longer term. In the medium and long term, the ringgit will reflect Malaysia’s strong economic fundamentals.