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Safeguard Assessments

Safeguards Assessments of Central Banks (SAC)

Deadline passed

Session No.: JV 22.17

Location: Vienna, Austria

Date: October 10-14, 2022 (1 week) New dates

Primary Language: English

    Target Audience

    Central bank officials serving on governance and oversight bodies, and/or senior central bank staff responsible for accounting, financial reporting, auditing, risk management, internal control, legal, or reserve management operations.

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    Qualifications

    Participants are expected to have a university or postgraduate degree in accounting, business, economics, finance, or law, or have earned professional certifications in auditing (chartered or certified public accountants, internal auditors, informationsystems auditors) or finance (certified financial analysts).

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    Course Description

    "Disclosure: Due to COVID 19, courses will be delivered in person, hybrid, or virtual, according to safety guidelines. As of today, this course is scheduled to be delivered in person in Vienna, but its delivery method may change. By submitting your application, you confirm your availability to participate in the course either in person or virtually. Up-to-date Covid-19 vaccination is likely to be required and related information may be requested from participants for in-person courses."

    This course, presented by the Finance and Legal Departments, is designed to give central bank officials interactive exposure to the IMF safeguards assessment methodology. It has a special focus on central bank governance and highlights the importance of independent oversight, transparency and accountability for improving financial safeguards. It also provides a forum for central bank staff to exchange views on their experiences in reinforcing safeguards and governance frameworks and dealing with emerging issues. The course incorporates interactive lectures, discussions, and workshops addressing crucial assessment areas, especially external and internal audit mechanisms, financial reporting, the system of internal controls, management of international reserves, and reporting of monetary data to the IMF. The course also reviews the concepts underlying autonomy and good governance in central bank legislation.

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    Course Objectives

    Upon completion of this course, 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.  
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