Recent literature has identified feedback from assessment as one of the key factors contributing to quality learning and teaching.  Hong Kong has taken major initiatives in reforming assessment at primary and secondary levels to capitalize on the leverage offered by assessment.  The abolishment of high stake examinations at primary 6 is one of these initiatives. Structural changes in New Senior Secondary has also brought about significant changes in the conception, approach, design, and interpretation of assessment and examination at secondary levels.  In parallel, Hong Kong assessment and examination are being influenced by other changes in assessment, including the standards reference movement, new advancements in psychometrics and testing, and the use of high level computing technology amongst major systems of the world.  This discussion is to explore opportunities and challenges in this context of change.