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Effective risk management at central banks is best enabled by a sound framework embedded throughout the organization that supports the design and execution of risk management activities. To evaluate the risk management practices at a central bank, the Safeguards Assessments Division of the IMF’s Finance Department developed a tool that facilitates stocktaking of elements that are present and categorizes the function based on its maturity. Tailored recommendations are then provided to the central bank which provide a roadmap to advance the risk management function.

Banks and Banking --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Banking --- Central bank risk management --- Banks and banking

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At the request of the Central Bank of Solomon Islands (CBSI), a Monetary and Capital Markets Department (MCM) mission provided technical assistance on central bank risk management during the period August–September 2021. The mission comprised Mr. Paul Woods (Central Bank of Ireland) and Mr. Chris Aylmer (formerly with the Reserve Bank of Australia), under supervision of Mr. Ashraf Khan (MCM, Central Bank Operations Division) The purpose of the mission was to guide the CBSI on how to establish an Enterprise Risk Management (ERM) framework. The mission focused in particular on establishing a strengthened risk culture throughout the organization, and strengthening risk governance - including the role of the CBSI’s risk management unit.

Money and Monetary Policy --- International Economics --- Banks and Banking --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Central Banks and Their Policies --- Monetary economics --- International institutions --- Financial services law & regulation --- Banking --- Monetary policy --- International organization --- Operational risk --- Financial regulation and supervision --- Central bank risk management --- Central banks --- International agencies --- Financial risk management --- Solomon Islands

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This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.

Risk management. --- Banks and banking, Central --- Banker's banks --- Banks, Central --- Central banking --- Central banks --- Banks and banking --- Insurance --- Management --- Management. --- Banks and Banking --- Finance: General --- Public Finance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Central Banks and Their Policies --- Public Administration --- Public Sector Accounting and Audits --- General Financial Markets: Government Policy and Regulation --- Banking --- Financial services law & regulation --- Management accounting & bookkeeping --- Finance --- Operational risk --- Central bank governance --- Internal audit --- Financial sector stability --- Financial regulation and supervision --- Public financial management (PFM) --- Financial sector policy and analysis --- Central bank risk management --- Financial risk management --- Auditing, Internal --- Financial services industry --- United States

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Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

Singapore --- Macroeconomics --- Economics: General --- International Economics --- Industries: Financial Services --- Banks and Banking --- Online Safety & Privacy --- Foreign Exchange --- Informal Economy --- Underground Econom --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Central Banks and Their Policies --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Economic & financial crises & disasters --- Economics of specific sectors --- Computer applications in industry & technology --- Banking --- Computer security --- Financial services law & regulation --- Technology --- general issues --- Fintech --- Central bank risk management --- Central banks --- Cyber risk --- Operational risk --- Financial regulation and supervision --- Currency crises --- Informal sector --- Economics --- Financial services industry --- Technological innovations --- Information technology --- Security measures --- Financial risk management --- General issues