{
  "title": "Sri Lanka: Technical Assistance Report-Central Bank Risk Management",
  "publication": "Technical Assistance Reports, October 4, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/technical-assistance-reports/issues/2024/10/04/sri-lanka-technical-assistance-report-central-bank-risk-management-555725",
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  "summary": "Since 2015, the Central Bank of Sri Lanka (CBSL) has enhanced its risk management through a comprehensive framework and is aiming for an Enterprise Risk Management system.",
  "sections": [
    {
      "heading": "Summary / Key findings",
      "content": "- Since 2015, the Central Bank of Sri Lanka (CBSL) has enhanced its risk management through a comprehensive framework and is aiming for an Enterprise Risk Management system.\n- Establishment of the Banking Risk Oversight Committee (BROC) and the Non-Financial Risk Management Committee (NFRMC) has fostered higher-level risk discussions.\n- CBSL is focusing on:\n  - strengthening leadership's engagement in risk management;\n  - adopting a risk appetite statement;\n  - ensuring targeted training;\n  - empowering the risk management function;\n  - implementing the 3 Lines Model for clear role delineation;\n  - defining risk tolerance levels with Key Risk Indicators (KRIs)."
    },
    {
      "heading": "High-level objectives of IMF engagement",
      "content": "- Embed robust risk management practices deeply within the organization.\n- Align the CBSL’s strategic goals with its risk management efforts.\n- Enhance decision-making processes to improve efficiency and effectiveness.\n- Ensure all risk management improvements are in line with the CBSL's legal mandate."
    },
    {
      "heading": "Implementation priorities and reforms",
      "content": "- Institutionalize Enterprise Risk Management across CBSL operations.\n- Strengthen governance by increasing leadership engagement and clarifying roles via the 3 Lines Model.\n- Develop and adopt a formal risk appetite statement and defined risk tolerance levels.\n- Define, monitor, and report Key Risk Indicators (KRIs) to signal emerging risks and track risk tolerance breaches.\n- Provide targeted training to build risk-awareness and capability across relevant units.\n- Empower the dedicated risk management function to operate with mandate, independence, and resources consistent with its role."
    },
    {
      "heading": "Subject tags and keywords (as listed)",
      "content": "- Cyber risk\n- Financial regulation and supervision\n- Operational risk\n- Technology\n- CBSL department\n- Cyber risk\n- deputy governor\n- IMF executive director\n- IMF HQ\n- Maghreb\n- MCM Department\n- Operational risk\n\n---\n\n Content in this bundle\n\n- tarea2024083-print-pdf - Preface\n  - tarea2024083-print-pdf - Preface (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - tarea2024083-print-pdf - Preface (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/technical-assistance-reports/issues/2024/10/04/sri-lanka-technical-assistance-report-central-bank-risk-management-555725"
    }
  ],
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    "Published: October 4, 2024",
    "Series: Technical Assistance Reports",
    "DOI: https://doi.org/10.5089/9798400289934.019",
    "Since 2015, the Central Bank of Sri Lanka (CBSL) has enhanced its risk management through a comprehensive framework and is aiming for an Enterprise Risk Management system.",
    "Establishment of the Banking Risk Oversight Committee (BROC) and the Non-Financial Risk Management Committee (NFRMC) has fostered higher-level risk discussions.",
    "CBSL is focusing on:",
    "Embed robust risk management practices deeply within the organization.",
    "Align the CBSL’s strategic goals with its risk management efforts.",
    "Enhance decision-making processes to improve efficiency and effectiveness.",
    "Ensure all risk management improvements are in line with the CBSL's legal mandate.",
    "Institutionalize Enterprise Risk Management across CBSL operations.",
    "Strengthen governance by increasing leadership engagement and clarifying roles via the 3 Lines Model.",
    "Develop and adopt a formal risk appetite statement and defined risk tolerance levels.",
    "Define, monitor, and report Key Risk Indicators (KRIs) to signal emerging risks and track risk tolerance breaches.",
    "Provide targeted training to build risk-awareness and capability across relevant units.",
    "Empower the dedicated risk management function to operate with mandate, independence, and resources consistent with its role.",
    "Cyber risk",
    "Financial regulation and supervision",
    "Operational risk",
    "Technology",
    "CBSL department",
    "Cyber risk",
    "deputy governor",
    "IMF executive director",
    "IMF HQ",
    "Maghreb",
    "MCM Department",
    "Operational risk",
    "**tarea2024083-print-pdf - Preface**"
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