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}\n {source && (\n\n The IMF conducts audits of all its operations. The audit\n mechanisms are set up to improve governance, transparency, and\n accountability and include an external audit firm, an independent\n External Audit Committee, and the Office of Internal Audit. The\n External Audit Committee is independent of the IMF’s management\n and oversees the annual audit.\n
\n\n The Office of Internal Audit provides an independent assurance and\n advisory function designed to protect and strengthen the IMF. It\n has two key mandates: to assess and improve the effectiveness of\n the IMF’s governance, risk management processes, and internal\n controls and to catalyze improvement of the IMF’s business\n processes by advising on best practices and the development of\n cost-effective control solutions.\n
\n\n The IMF’s internal Office of Risk Management, established in 2014,\n is responsible for developing and facilitating an integrated\n process for managing enterprise-wide risks—including core business\n as well as strategic, financial, operational, and reputational\n risks—while enabling risk-intelligent capabilities for the IMF to\n fulfill its mandate.\n
\n\n The Independent Evaluation Office (IEO) was established in 2001 to\n conduct independent and objective evaluations of IMF policies and\n activities. The IEO is fully independent of IMF management and\n staff and operates at arm’s length from the Executive Board. Its\n mission is to promote learning within the IMF, strengthen the\n institution’s external credibility, and support institutional\n governance and oversight. Recently completed IEO evaluations have\n focused on the IMF’s work with partners, advice on capital flows,\n unconventional monetary policies, and financial surveillance. More\n information about the IEO, including its terms of reference and\n evaluation reports, is available at{\" \"}\n https://ieo.imf.org.\n
\n\n To ensure good governance within the organization, the IMF has\n adopted integrity measures, including a code of conduct for staff\n that includes financial certification and disclosure requirements\n and sanctions. A similar code of conduct is in place for members\n of the Executive Board. An integrity hotline offers protection to\n whistleblowers.\n
\n\n The IMF Ethics Office advises the institution and its staff on\n ethical behavior, investigates alleged violations of rules and\n regulations, and oversees the ethics and integrity training\n program for all staff members. An independent ombudsperson is also\n available to provide impartial and independent assistance in\n resolving employment-related problems.\n
\n\n The IMF meets regularly with political leaders and country\n authorities and routinely engages with a wide range of private\n sector representatives, the media, and nongovernment stakeholders\n such as the academic community, civil society organizations,\n parliamentarians, labor unions, and youth leaders. Opportunities\n for such two-way dialogue allow the IMF both to explain its\n approaches and to learn from others to improve its policy advice.\n
\n\n When the IMF provides financing to a member country, a Safeguards\n Assessment is carried out to provide reasonable assurance that the\n country’s central bank can manage the IMF resources and provide\n reliable monetary data on the IMF-supported program.\n
\n\n The assessments involve an evaluation of central bank operations\n in five areas: (1) the external audit mechanism, (2) the legal\n structure and autonomy, (3) the financial reporting framework, (4)\n the internal audit mechanism, and (5) the system of internal\n controls. At the end of April 2021, 346 assessments had been\n conducted, covering 99 central banks; 24 of these assessments were\n completed in FY 2021.\n
\n\n The IMF monitors progress as central banks work to improve their\n safeguards frameworks and address IMF recommendations. The\n monitoring continues for as long as IMF credit remains\n outstanding. About 85 central banks are currently subject to\n monitoring, with an increase of 22 central banks in FY 2021 owing\n to the elevated activity resulting from the financing extended to\n member countries to address the impact of the COVID-19 pandemic.\n
\n\n The IMF also conducts fiscal safeguards reviews of state\n treasuries when a member requests exceptional access to IMF\n resources for which a substantial portion of the funds—at least 25\n percent—is directed toward financing the state budget. During FY\n 2021, two fiscal safeguards reviews were conducted.\n
\n\n\n \n View all Safeguards Assessments completed to date.\n \n
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