BNM: Public sector needs integrity, agility, validity of measurement to navigate future challenges

KUALA LUMPUR: The public sector needs integrity, agility and validity of measurement as three possible characteristics for it to navigate the challenges of the future, says Bank Negara Malaysia (BNM) Governor, Datuk Muhammad Ibrahim.

He said the duty of public servants is to serve and protect the public interest, and in present times, moral courage, integrity and transparency will be more important than ever.

“Integrity is best demonstrated through the transparency and thoroughness of disclosures.

“The publication of financial and non-financial information is the central means by which the public can truly hold its government and public institutions to account," he said in a speech at the National Public Sector Accountants Conference 2017, in Penang yesterday.

He said accountants will be in the unique position to define, provide and interpret the facts and figures that can greatly influence and shape policy and strategy.

"Our agility in responding to evolving circumstances will also depend on a new set of competencies, but would requires new approaches.

"For one, the approach towards policy-making will need to be more flexible. In a fast-moving environment, we must allow ourselves more room to fine tune our policies, or change course where necessary," he added.

As for the validity of measurement, the Governor said the public sector must develop identifiable, measurable and practical performance indicators.