ECCB 2020-2021 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

ECCB Telecommutes In response to the COVID-19 pandemic the Bank, in very short, order transitioned to telecommuting with minimal organisational and work programme disruption. Departments remained available for operational and collaborative support during the transition, providing tips for staff andmanagers and adjusting policies and procedures as required to accommodate the changing work environment. The Bank also commissioned a Return to Campus Committee headed by the Human Resource Department with representatives from other critical departments and staff representatives to orchestrate a plan of action for return to campus. The Committee liaised with the National Emergency Operating Committee (NEOC) Task Force to ensure best practices for a safe return to campus. Utilise Technology To Inform Data-Driven Decision Making The Bank continued to expand its use of technology to improve efficiency. Activities included the use of a feature known as the API Web Service to automatically transfer data from the Bank’s data warehouse to the website; use of the SAS application to extract, transform and load data; building reports for internal and external users using the SAS VIYA application; and using advanced EXCEL functionalities to bridge data from member countries. Enhancements were also made to the Bank’s Statistical Enterprise Solution which utilises the SAS software/application Currency Management Solution The Bank commission a new high-speed bank note sorter as part of the Currency Management Solution implementation on 27 July 2020. Work continues on the upgrade of the software which is the final phase of the implementation. Adoption of SWIFT Global Payments Innovation (GPI) The Bank continued to ensure safety and efficiency for the transmission of messages by adopting the use of SWIFT Global Payments Innovation (GPI) which provides tracking for all transactions executed via SWIFT. The Bank also executed the necessary requirements to be compliant with the SWIFT 2020 release. The SWIFT 2020 release included a Payment Tracker System for handling Universal Payment Confirmations as well as further development of the SWIFT GPI system for payment handling. ISO 20022 is an emerging global and open standard for payments messaging. The Bank commenced planning to ensure its readiness for the implementation of ISO 20022, in 2025. To prepare for the implementation of ISO20022, the ECCB established an internal working Committee. The Terms of Reference for the Committee was established and an implementation plan is being finalised. SWIFT Customer Security Programme (CSP) The Bank successfully implemented the mandatory requirements identified in the SWIFT (Society for Worldwide Interbank Financial Telecommunications) Customer Security Programme (CSP) and attested before the 31 December 2020 deadline. To comply with SWIFT CSP 2021 attestation requirements, the Bank is preparing for an independent assessment of SWIFT security controls.

In response to the COVID-19 pandemic the Bank, in very short order, transitioned to telecommuting with minimal organisational and work programme disruption. ” “

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 25