Naturally, the outlook is also being affected by the political unease in North Africa and the Middle East and the repercussions of the natural disaster in Japan, but contagion effects have as yet been limited. Another risk is that the strong growth in the world will push up prices for energy and commodities beyond expectations. A significant part of the rise in oil prices since February can be ascribed to uncertainty over how the supply of oil will be impacted by the political unease in North Africa and the Middle East. Essentially, however, it is the strong growth in Asia in particular that is making these commodity prices increase. This may result in higher inflation and lower growth in the United States, Europe and other developed economies. The Swedish economy remains strong The high rate of growth in Sweden in 2010 means that GDP has now returned to roughly the same level as prior to the financial crisis. This year, we expect a GDP growth of 4.6 per cent, while, for the next two years, we expect growth averaging 2.4 per cent per year (see Figure 6). Employment is now increasing rapidly. Over the last year, it has increased by 120 000 jobs. This increase has primarily taken place in the service sector and the construction sector, which were not impacted so severely by the crisis.
As part of the efforts to improve the standard of pen-testing in Malaysia, Bank Negara Malaysia facilitated the formation of a task force last October, to set up a Malaysia chapter of the UK-based Council of Registered Ethical Security Testers or CREST, which will serve as a certification body for ethical hackers. We believe that this is a good platform to grow domestic talent in this area and promote international best practices in penetration testing. c. The Bank has also launched the Operational Risk Integrated Online Network or commonly known in the industry as the ORION system, to enhance the standard of operational risk 2/5  BIS central bankers' speeches  management in the financial sector. ORION is a risk surveillance system that consolidates information on operational risk incidences, including cyber-attacks. The system will strengthen the Bank’s ability to perform system-wide monitoring and early detection of developing trends in cyber-attacks and frauds within the financial sector. Moving forward, Bank Negara Malaysia is looking to address identified gaps in technology risk management practices within the financial sector. As part of this effort, the Bank is in the midst of conducting a comprehensive review of existing technology risk guidelines, including enhancing the expectations for the board and senior management to play a more active role in managing technology risk, and enhancing the resilience of IT infrastructures such as data centres. In today’s world where there is increasing uncertainty of what the future may hold, it is no longer possible for risk managers to rely solely on historical trends.