ECCB 2017-2018 Annual Report and Statement of Accounts

ECCB ANNUAL REPORT 2017/2018

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and HR Management staff, as well as coaching and mentoring with the staff of the HR department. The consultancy is scheduled to be completed in July 2018. Training and Development The Bank maintained its overall focus on providing targeted and preemptive training for its employees based on priority areas deemed necessary for execution of the Bank’s five-year strategic plan. Staff attended 52 approved Management Initiated Training programmes during the year under review. The main focus of the programmes was to provide professional development in the areas of Bank Supervision and Financial Regulation, Macroeconomics and Research, Statistics, Debt Management, Risk Management, Information Security, Accounting Standards and Internal Audit. Staff also attended conferences and meetings, locally, regionally and internationally. These, in addition to the academic and technical expertise exchanged, allowed for professional networking critical to rapport building and full exposure in various central banking or related fields. Policy Enhancement and Compliance In keeping with due diligence and good corporate governance, emphasis was placed on risk management and compliance. To this end, the Bank is currently conducting a comprehensive review of its training and development policy. Additionally, administrative guidelines were prepared and approved for the management of the Bank’s Administrative Professional Pool, and the finalisation of revised procedural arrangements for the Bank’s Acting Allowance Policy and Compensatory Leave. The Bank also commenced the process of drafting guidelines for a sexual harassment protocol as a proactive measure in support

of fair employment and decent work practices. The Bank will continue to partner with the HR consultants on an overall review of the Bank’s HR policies. Compensation and Benefits Management During the review period, the Bank remained vigilant in the administration and review of staff benefits and compensation. The Bank continued to engage with stakeholders to ensure that its benefits are in keeping with best practices. Foster Culture of Continuous Learning And Professional Development Session With Former Governor of the Central Bank of Barbados Over the period 3 – 4 July 2017, former Governor of the Central Bank of Barbados, Dr DeLisle Worrell, engaged the staff of the Research Department in capacity building and enrichment sessions. Dr Worrell presented a paper on: Small is Different: A Policy Framework for Small Open Financially Integrated Economies . The paper examined the tools at the disposal of governments in stabilising their economies; the main tool being ‘ getting the fiscal right’ . Staff of the Bank Supervision Department, Statistics Department and the Strategic Planning and Projects Department also participated in that session. The Bank also commenced the process of drafting guidelines for a sexual harassment protocol as a proactive measure in support of fair employment and decent work practices