ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

•  • Re-engineering of the framework for the development of departments’ work programmes and annual budget to align with, and facilitate the effective delivery and monitoring of the Bank’s Strategic Plan; •  • Development of a Contract Policy to guide the management of contractual arrangements and thereby mitigate the associated legal, operational and financial risks; and •  • Crafting of an Operational Policy Development Framework which provides the roadmap for the development, implementation and maintenance of operational policies and related procedures for the Bank. A comprehensive review of the Bank’s operations was conducted in March 2018, to identify the key risk areas emanating from the risk reporting over the financial year; assess the impact of the various initiatives that had been undertaken; and identify the critical areas to be addressed in the upcoming period. The far-reaching and devastating effects of climate change, increasing incidents of cyber attacks and heightened focus on issues such as sexual harassment and other workplace related risks, have shifted the risk management focus to the areas of Business Continuity, Information Technology and Human Resource Management. The ERM framework is aimed at supporting the Bank’s commitment to maintaining resilience in response to natural and man-made disasters internally and across the region as well as demonstrating leadership in managing its human and physical resources.

•  • The achievement of organisational objectives; •  • The integrity and reliability of information; •  • Compliance with established policies, procedures, laws and regulations; and •  • The economical, efficient and effective use of resources. During the year, the following audits were conducted: •  • AuditoftheStatisticsDepartment’seffectiveness in supporting the policy mandate of the Bank; •  • Audit of the Research Department’s effectiveness in strategically meeting the policy needs of the Bank and the member territories; •  • Audit of the Agency Offices’ operations in Anguilla, Antigua and Barbuda, Commonwealth of Dominica, and Montserrat, specifically as it related to the issue and redemption of currency; •  • Audit of the Support Services Management Department; and •  • Audit of the Accounting Department specifically as it related to the Budget and Payments operations. An Audit of the Corporate Relations Department commenced in the last quarter of 2017/2018 and is expected to be completed during the first quarter of the new financial year. The ERM framework is aimed at supporting the Bank’s commitment to maintaining resilience in response to natural and man-made disasters internally and across the region as well as demonstrating leadership in managing its human and physical resources

Internal Management The ECCB

continued

to

examine through:

and

evaluate

its

activities