Zeti Akhtar Aziz: Statistical science for a better tomorrow Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the International Statistical Institute Regional Statistics Conference 2014 “Statistical Science for a Better Tomorrow”, Kuala Lumpur, 18 November 2014. *  *  *  Introduction It gives me great pleasure to welcome you to this inaugural International Statistical Institute Regional Statistics Conference. This conference takes place at a time of major transformative change in our region and in the world. The contribution of statistics in this new and rapidly changing environment has become of even greater importance. In this increasingly complex world, the availability of high quality statistics is vital in facilitating decision making for both the private and public sectors. The world is also seeing greater demands for higher levels of transparency. This has become key for building trust and confidence regardless of the line and nature of business. The statistics community has responded to these changes. Immense progress has been achieved in developing the methodology for generating consistent economic and financial statistical systems. In a world that has also become more globalised, such progress has brought great benefits to businesses and policymakers in terms of the availability, comparability, and broad consistency of economic data across countries. For any economic and financial community, detailed and comprehensive data are highly important to understand the implications of the developments taking place.
The increase in availability of data and information is not without risks. While the wealth of new data has indeed made markets more efficient and has supported better decision making by the private and public sectors, it has also brought about new risks of fraud, theft and invasion of privacy. Therefore, existing confidentiality policies, regulation and data governance need to be reviewed and updated to account for these new risks, so that innovative activities can thrive without threats to individual safety and interests. Additionally, in managing the increase in global interconnectedness, greater international collaboration and coordination in the field of statistics is needed to enhance cross-country data coverage, promote greater standardisation of data and, more importantly, to create a shared understanding of cross-border risks and transmission of shocks. The dynamic nature of the global economy and financial system implies that the relevant set of data needed is a constantly moving target. Therefore, continuous and concerted efforts by both the users and compilers of statistics to close data and information gaps are indeed crucial. Finally is the need for the continued emphasis on capacity building of human capital. From researchers and academicians, to statistical compilers and policymakers, there is an urgent need to ensure that further enhancements in the field of statistical science continue to advance. Policymakers and statisticians today need to be at the forefront of the advances in statistics to identify new linkages and risks in order to calibrate effective policy responses.