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By Chathuri Dissanayake
and Charumini de Silva 
Today’s rapidly changing environment demands that both the private and public sectors think out of the box in order move forward in a digitalised world, Development Strategies and International Trade Minister Malik Samarawickrama said yesterday while speaking at the inauguration of the 37th National Conference of Chartered Accountants.
“It cannot be ‘business as usual’ for both the public and private sector,” he said. “We have got to think new, think out of the box, encourage young people to come up with new ideas, innovate and make the maximum use of technology.”
The Minister highlighted that the thinking of Government officials should also change with the current situation.
“Of the many diverse and fascinating challenges we face today, the most intense and important is how to understand and shape the new technology revolution, which entails nothing less than the transformation of humankind. We are at the beginning of a revolution that is fundamentally changing the way in which we live, work and relate to one another. According to Prof. Klaus Schwab this is the fourth industrial Revolution which is unlike anything we have experienced before,” he added.
Sri Lankans have yet to fully grasp the speed and breadth of this new revolution. Consider the unlimited possibilities of having billions of people connected by mobile devices, giving rise to unprecedented processing power, storage capabilities and knowledge access. Think about the staggering confluence of emerging technology breakthrough covering wide-ranging fields such as Artificial Intelligence, robotics, the internet of things, autonomous vehicles, 3D printing, nanotechnology and biotechnology, energy storage, quantum computing - to name a few, Samarawickrama said.
Profound shifts
“We are witnessing profound shifts across all industries, marked by the emergence of new business models, disruption of incumbents and reshaping of production, consumption, transportation and delivery systems.”
A paradigm shift is underway in how people work and communicate as well as how people express, inform and entertain themselves. Equally, governments and institutions are being reshaped, as are the systems of healthcare and transportation, among many others. New ways of using technology to change behaviour and systems of production and consumption also offer a potential for supporting the regeneration and preservation of natural environments.
“The changes are historic in terms of their size, speed and scope. Since there is so much of uncertainty surrounding the development and adoption of emerging technologies, all stakeholders of global society - governments, business, academia and civil society - have the responsibility to work together to better understand the emerging trends.”
The changes are so profound that there has never been a time of greater promise or potential peril. The concern however is that decision-makers are often caught in traditional, linear, non-disruptive thinking or too absorbed in immediate concerns, to think strategically about the forces of disruption and innovation shaping the future, he added.
Adapting intelligence
Samarawickrama point out that Prof. Klaus Schwab had said that the new revolution, which he terms as the fourth Industrial Revolution, may be driving disruption, but the challenges it presents are of society’s own making. Thus it is in the people’s power to address them and enact the changes and policies needed to adapt in our emerging new environment.
He has further stated that we must adapt, shape and harness the potential disruption by nurturing and applying four different types of intelligence: Contextual, Emotional, lnspired and Physical.
“Good leaders understand and master contextual intelligence. A sense of context can be defined as the ability and willingness to anticipate emerging trends and connect the dots. Decision-makers must possess a capacity and readiness to engage with all those who have a stake in the issue at hand. They can only confront significant levels of disruption if they are highly connected and well networked across traditional boundaries.”
Leaders must also prove capable of changing their mental and conceptual frameworks and their organising principles. In today’s disruptive, fast-changing world, thinking in silos and having a fixed view of the future is fossilising. The approach to problems, issues and challenges must be holistic, flexible and adaptive, continuously integrating many diverse interests and opinions, he noted.
For business leaders and policymakers, emotional intelligence is the vital foundation for skills critical to succeed in this new era, namely self-awareness, self-regulation, motivation, empathy and social skills. Great decision-makers are differentiated from average ones by their level of emotional intelligence and capacity to cultivate this quality continuously. In a world characterised by resistant and intense change, institutions rich in leaders with high emotional intelligence will not only be more creative but will also be better equipped to be more agile and resilient - an essential trait for coping with disruption.
“The third critical component for effectively navigating the new revolution is Inspired Intelligence. It is about the continuous search for meaning and purpose. Sharing is the key idea here. To reap the full benefits of the new developments we have to collectively develop a sense of shared purpose.”
To do this, trust is essential. A high level of trust favours engagement and teamwork. In a world where nothing is constant anymore, trust is one of the most valuable attributes. Trust can only be earned and maintained if decision-makers are embedded within a community, and making decisions always in the common interest and not in pursuit of personal objectives, the Minister asserted.
“Contextual, Emotional and Inspired Intelligence will require the vital support of physical intelligence which involves supporting and nourishing personal health and wellbeing. This is critical because as the pace of change accelerates, as complexity increases, and as the number of players involved in the decision-making process increases, the need to keep fit and remain calm under pressure becomes all the more essential.”
Regular exercise, for example, has a positive impact on the way we think and feel. Sleep and nutrition is as important. These directly affect our performance at work and ultimately, our ability to succeed.
“Clearly the challenges are as daunting as the opportunities are compelling. Together, we have to work to transform these challenges into opportunities by adequately and proactively preparing for their effects and impacts. The world is fast-changing, hyper-connected, ever more complex and becoming more fragmented, but we can still shape our future in a way that benefits all. The window of opportunity for doing so is now.”
-Pix by Shehan Gunasekera
Professional bodies must also become part of Sri Lanka’s journey towards development said Chartered Accountants of Sri Lanka President Lasantha Wickremasinghe at the inauguration yesterday.
Given below is his full speech. 
We all envision a better future for Sri Lanka, but a country’s success always depends on its people, their vision, hard work and commitment.
The journey to be better cannot be achieved overnight, and it is a systematic process, which can be achieved when all stakeholders come together with a vision.
As a nation, Sri Lanka possesses great potential. Not only can we be a leading regional player, but due to our strategic location, we also have the potential to become a global player.
There is no doubt that professionals have an important role to play in complementing our nation’s forward journey. It is with this objective in mind that we decided to centre our theme at this year’s conference on ‘Unleashed thinking – entrepreneurship and intrapreneurship’.
As much as success doesn’t happen overnight, neither can success be achieved by being complacent or by remaining idle.
To be better, we have to re-strategise and also break barriers and go beyond conventional norms.
We can attract the best only if we offer the best. We can’t expect the best by being mediocre. This is why we need to innovate and re-strategise.
As a country that belongs to Asia, which is recognised as the global engine of growth, Sri Lanka can take great advantage from this development and inch towards its dreams of becoming a global player in the world arena.
Today, under the Coalition Government, we are witnessing enhanced economic opportunities as well as development initiatives.
But, development is not a Government’s responsibility alone, as stakeholders of a country, each and every one of us has an important role to play in supporting the Government’s initiatives and thereby contributing towards the long term vision of Sri Lanka.
This is why events of such intellectual dissemination are important as they not only inspire our professional community including business leaders, but conferences such as these become an important platform where we share insights and spur thoughts which can be utilised in a constructive manner, which will ultimately benefit our organisations and help contribute towards the national growth of our country.
We take great pride in our standing as the national body of accountants, although we are a national body, we boast of an international outlook, and due to the vision and hard work of our founding fathers, today CA Sri Lanka has progressed to being one of the most respected professional organisations in the country.
The journey to be better was never easy, but due to the vision of our founding fathers, including the very first council and the very first president of our institute, today we have a built a strong brand that is known for professional excellence.
Our role as a professional body has evolved over the years and we no longer only concentrate on providing a globally recognised qualification, but we also believe our institute has enhanced its standing towards becoming a knowledge sharing outlet, as we bring together professionals including chartered accountants and business leaders regularly to inspire and give leadership to them on pertinent matters which are relevant in a local and global context.
Over recent years, we have been honouring distinguished members of CA Sri Lanka by inducting them into the Hall of Fame, later today two distinguished members of our institute will be inducted into the Hall of Fame in recognition of their service to the profession, society and the country.
No journey is possible without a leader and CA Sri Lanka has truly been blessed to have had many such leaders over the years who have served as Presidents since 1960.
Therefore, in recognition of their exceptional service, the institute will honour our Past Presidents today with a medallion to recognise and honour their vision, hard work and commitment, which has helped propel the institute to greater heights over the past decades.
Victims of ethics
Before I come to the conclusion of my speech, I would also like to take this opportunity to inform you that the institute has taken steps to establish a CA Fund, which aims to support members who have been victimised while carrying out their duties.
There is no doubt that our members, along with other professionals, tend to face issues and pressures. There have been instances when they have been expelled because they refused to carry out unethical practices. Therefore, this fund aims to support such members.
To generate funds for this fund, we are launching a raffle draw where tickets will be sold to members. The winner will win a Nissan X-Trail and the runner-up will win a Datsun Go.
There will be a total of 10 consolation prizes.
We have priced the tickets at Rs. 5,000 and I invite all our members to join this raffle by purchasing a ticket, and help this very worthy cause.
In conclusion, I would like to take this opportunity to extend my sincere appreciation to our Chief Guest Hon. Malik Samarawickrema and Ms. Ida for graciously accepting our invitation despite their very busy schedules and being present here this evening.
Your participation no doubt has boosted the standing of this important corporate event even further.
No initiative will be successful without the vision and hard work of a specialised team, therefore I would like to recognise and appreciate the months of hard work put in by our conference committee and the technical committee led by Mr. Tishan Subasinghe and Ms. Anoji De Silva, as well as the staff of CA Sri Lanka led by Mr. Aruna Alwis.
I would like to extend my sincere appreciation to the speakers and panellists of the 37th National Conference.
Over the next two days, our participants will be in for a treat as we have lined up some very impressive entrepreneurs, of local and global repute, who I am most certain will inspire you and share insights and help you become an important catalyst in helping Sri Lanka become the best.
Thank you.
