Safeguards Assessments of Central Banks

Source details

Target audience:
- Central bank officials serving on governance and oversight bodies
- Senior central bank staff responsible for accounting, financial reporting, auditing, risk management, internal control, legal, or reserve management operations
Qualifications:
- Expected educational background: university or postgraduate degree in accounting, business, economics, finance, or law
- Or professional certifications: auditing (chartered or certified public accountants, internal auditors, information systems auditors) or finance (certified financial analysts)

Purpose:
- Provide central bank officials interactive exposure to the IMF safeguards assessment methodology
- Special focus on central bank governance and the importance of independent oversight, transparency, and accountability for improving financial safeguards
Key assessment areas and topics covered:
- External and internal audit mechanisms
- Financial reporting
- System of internal controls
- Management of international reserves
- Reporting of monetary data to the IMF
- Concepts underlying autonomy and good governance in central bank legislation
Teaching methods:
- Interactive lectures
- Discussions
- Case studies
- Forum for exchange of experiences on reinforcing safeguards and governance frameworks and dealing with emerging issues

Upon completion participants should be able to:
- Assess the strengths and vulnerabilities of their central banks’ safeguards and governance frameworks.
- Identify specific steps to improve financial safeguards.
- Use leading practices for central banks in the areas of good governance, central bank autonomy, accountability, and transparency.
- Describe and explain the requirements of the IMF safeguards policy and the importance of implementing safeguards recommendations.