Safeguards Assessments of Central Banks (SAC)

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.
- Alternatively, professional certifications in auditing (chartered or certified public accountants, internal auditors, information systems auditors) or finance (certified financial analysts).

Presented by: Finance and Legal Departments (IMF).
Purpose:
- To give central bank officials interactive exposure to the IMF safeguards assessment methodology.
- To emphasize central bank governance with special focus on independent oversight, transparency, and accountability for improving financial safeguards.
Instructional format:
- Interactive lectures.
- Discussions.
- Case studies.
Core assessment areas addressed:
- External and internal audit mechanisms.
- Financial reporting.
- The system of internal controls.
- Management of international reserves.
- Reporting of monetary data to the IMF.
Additional thematic coverage:
- Concepts underlying autonomy and good governance in central bank legislation.
Participant interaction:
- Provides a forum for central bank staff to exchange views on reinforcing safeguards and governance frameworks and dealing with emerging issues.

Upon completion of the 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.