ECCB 2021-2022 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2021/2022 40

Areas of Focus

Furthermore, the ECCB will: 1. Continue to focus on the development and modernisation of the payment system in the ECCU. Specific focus will be on finalising the Payment System and Services Act (PSSA) and the Electronic Retail Payments Regulations for submission to member countries for enactment. 2. Develop new data protection legislation for the region, as it is considered integral to a payment system that will be highly digital/electronic in its orientation. The Bank will continue to dialogue with key stakeholder groups in the payment system landscape, including participants in both the retail and large value payments space, to enhance its developmental and modernisation agenda. 3. Develop updated survey instruments to explore the extent of financial inclusion, and usage of payment infrastructures and products and services. The data gathered will be used to inform policy decisions. 4. Facilitate the direct access of the Credit Union sector to the Eastern Caribbean Automated Clearing House’s (ECACH’s) membership and services. To this end, the engagement of the Credit Union sector is expected to accelerate over the first quarter of 2022/2023. 5. Pursue the completion of a holistic Payment System strategy for the ECCU under the rubric of the Payment System Vision and Modernisation Plan and input from regional stakeholders. Environmental, Social and Corporate Governance In the 2022-2023 Financial Year, the Bank will launch its 2022 – 2026 Strategic Plan which focuses on “Transforming the ECCU through Innovation and Collective Action” . Departments across the Bank will undertake various strategic initiatives which together will facilitate the achievement of the strategic objectives. A monitoring software has been procured and will be implemented to assist with the monitoring of and reporting on the delivery of the plan.

and Performance Solution will also be a key focus in the 2022-2023 financial year. The aim is geared towards the utilisation of IT to maximise organisational effectiveness within a security management framework based on the ISO27001 standard.

Organisational Effectiveness And Development With each new financial year comes the opportunity for reassessment, including the creation of impactful people management and development initiatives for transformative organisational development. The Bank’s strategic themes and objectives for the next five years will guide the upcoming focus areas for 2022/2023. In the 2022-2023 Financial Year, the ECCB will focus on the enhancement of the human resource capabilities by developing subject matter experts in the areas of information technology, cyber security, climate-related financial and environmental risk, and data analytics and visualisation. It will also seek to improve the use of technology through the implementation of a supervisory technology solution, and the use of data analytics for improving the quality of reports and presentations. In terms of Human Resources, the Bank will also: 1. Provide support and guidance for a proactive and flexible return to Campus and the office work environment, including incorporating hybrid work arrangements. 2. Support and engender a highly skilled workforce that is resilient, competitive through targeted Bank sponsored and self-initiated learning and development programs. 3. Commence a comprehensive review of all Human Resource policies to maintain efforts in policy creation to align with the Bank’s good governance practices. Creation of new policies to include a Workforce Planning Policy and Separation Policy. 4. Increase efforts on stakeholder engagement and satisfaction. 5. Enhance organisational effectiveness through deliberate measures for improved cost efficiencies and use of technology. 6. Renew efforts on making the creation of the Innovation Hub a reality. Priority on this initiative was shifted due to the remote working arrangements over the last two (2) years. The Bank will undertake initiatives for improving the delivery of the ECCB Blog and ECCB Digital Dialogues. This will include enhancements to its ECCB Blog publications and further leveraging of its social media platforms to increase awareness and accessibility.

Furthermore, the Bank will endeavour to complete the battery storage component of the Greening of the Campus Initiative.

Digital Transformation In the area of Statistical Development, the Bank will adopt SAS as the centralised data warehouse for all datasets and continue to work towards optimising the use of the SAS software, including enhancements and use of its data analytics tools. Further use of data visualisation in reports and infographics will be advanced. The API will be utilised to submit statutory reporting requirements to the IMF and to the new website. Systems will be fast tracked to collect and store new datasets and increase the use of data visualisation techniques to validate data.

As part of its efforts to effectively deliver on its strategic objectives, the Bank will work to enhance research output and policy advice through increased staff training and exposure.

The Bank will continue to collaborate with the Commonwealth Secretariat (COMSEC) to implement Commonwealth Meridian in ECCU member countries in the 2022/2023 financial year.

After a two-year hiatus due to the pandemic and its related travel restrictions, the Bank is looking forward to resuming its Country Outreach Programme in 2022.

The integration of technology through data analytics and visualisation, into existing processes will also continue to be critical areas of focus for the Bank.

During the visits to member countries, the Governor and other staff of the Bank will engage with stakeholder groups on the Bank’s strategic objectives and issues relating to the economic development and transformation of the respective member countries.

Bank-wide Information Technology Projects such as the ERP Replacement Solution, IT Policies, and Strategic Management