ECCB 2020-2021 Annual Report and Statement of Accounts

ORGANISATIONAL EFFECTIVENESS

Change Management Initiative As part of the thrust to enhance its change management infrastructures to support the many change initiatives taking place, the Bank adopted the proposal developed by one of the teams from its inaugural cohort of the Emerging Leaders’ Programme to institutionalise a change management function. Having robust change management infrastructures is critical to achieving organisational effectiveness and integral to realising the Bank’s vision to be “a model institution delivering exceptional service and influential policy advice”. The Bank sees the value in focusing not just on the technical aspects of strategic initiatives but also on the people part of the change process. To that end, the Bank seeks to create an inclusive workplace whose staff are engaged, creative, agile and with a growth mindset that embraces change. The goal of the initiative is to recruit a change management specialist to develop and implement a change management framework for the Bank, and manage the impacts of the organisational changes on staff. Internal preparations for the recruitment of a change management specialist are underway. Cyber Security The Bank has assessed cyber security as one of themost significant impediments to operational resilience. To increase awareness, understanding and inform the mitigation of cyber risks, the Bank engaged an external service provider to conduct a Vulnerability Assessment, Penetration Test and Configuration Review of the information technology environment and human firewall capabilities. The Bank has made progress with the implementation of recommendations from the assessment. The Bank was readily positioned to adapt to the restrictions imposed at the advent of the COVID-19 epidemic, with the transition to a full telecommuting workforce being completed almost seamlessly. Notwithstanding this, the Bank recognised the cyber risks associated with employees working from home. Beyond the technical measures implemented for secure telecommuting, a significant component of the cyber security awareness programme focused on further enhancing employees and other stakeholders’ capabilities in detecting and mitigating the associated cyber security issues. Reformulate Organisational Structure To Support The Strategy The OCSRMcommenced the process for the development of the Bank’s Strategic Plan for the period 2021 – 2026. This included the identification of appropriate thematic areas which would inform the formation of objectives and the corresponding initiatives that would be pursued to meet these objectives. The process involved extensive consultations across the Bank and leveraged the lessons learnt from the development and implementation of the 2016 -2021 Strategic Plan. The Bank has adopted the Balanced Scorecard framework for the development and monitoring of the 2021 – 2026 Strategic Plan.

As part of the thrust to enhance its change management infrastructures to support the many change initiatives taking place, the Bank adopted the proposal developed by one of the teams from its inaugural cohort of the Emerging Leaders’ Programme to institutionalise a change management function. ” “

Foster A Culture Of Continous Learning And Professional Development TheECCBas a continuous learningandknowledge institution, ensured its staffwereprovidedwith relevant learningandprofessional development opportunities as a key part of its mandate. During the financial year, staff at both the leadership and non-leadership levels benefitted from

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2020/2021 27