ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

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INTERNAL MANAGEMENT At its meeting of 9 June 2016, the Board Audit and Risk Committee (BARC) approved a three-year Strategic Plan and Revised Charter for the Internal Audit Department (IAD) which reflected a full assurance arrangement. The Strategic Plan and Revised Internal Audit Charter took into consideration the recommendations arising from the external quality review done by the KPMG and the Update Safeguards Assessment conducted by the IMF during the latter part of the 2015/16 financial year. As the Bank continued on the path of aligning the activities of the department with international best practices, all operational activities previously carried out by the IAD were reassigned to other areas within the Bank to allow the IAD to place greater focus on

the function of assurance in keeping with its Revised Charter. The reassignment was necessary to ensure that there was no threat to the independence of the department. During the financial year the IAD completed the following audits: •  • The Human Resource Department’s effectiveness in providing value added services to the Bank; •  • The Research Department’s effectiveness in producing timely and effective policy advice to member governments;

•  • Agency Office operations in three of the seven ECCBmember countries, specifically as it related to the issue and redemption of currency; and •  • A follow-up audit of the Bank Supervision Department. ECCB Launches Distinguished Alumni Series

Dr Oral Williams, Deputy Division Chief, International Monetary Fund (IMF) delivered the first lecture when the ECCB launched its Distinguished Alumni Series in October 2016. The programme provides an important avenue for staff members’ professional development, affording them an opportunity to learn from ECCB alumni who have distinguished themselves through practice and experience in the fields of Economics, Research and Banking. The central purpose of the programme is to strengthen ties with the Bank’s alumni, while enhancing staff members’ learning experience and improving the Bank’s service to its member countries.

Dr Oral Williams, lecturer, ECCB inaugural Distinguished Alumni Series

Dr Williams spoke on: “Economics and the Art of Self Awareness.”

View Dr Williams’ lecture