ECCB 2022-2023 Annual Report and Financial Statements

Eastern Caribbean Central Bank Annual Report 2022 - 2023

Centralised Data Warehouse The Bank also continued to collaborate with the Commonwealth Secretariat to roll out the Commonwealth Meridian in its member countries. The Commonwealth Meridian is a web based debt management tool that incorporates advanced and improved functionalities to address emerging debt management requirements and allows for greater automation in a number of processes. During the year, two countries – the Commonwealth of Dominica and Grenada implemented the new debt system. To date, five member countries have implemented the Commonwealth Meridian and are benefitting from the improved functionalities, resulting in more timely information on the debt positions. One of the new features of Commonwealth Meridian is the ability to deploy the system in a centralised environment. To this end, the ECCB has offered, as a service to its member countries, to host the Meridian system at the Bank, with secured remote access to countries. This service allows member countries to benefit from ECCB IT support services and capacity development in new technologies, and maintain a secured system offsite, thereby reducing localised risks. The ECCB completed development work, including economic data, in its statistical enterprise solution, which uses the SAS software, thus ensuring a centralised data warehouse. SAS was updated to accommodate mergers and acquisitions of banks. Enterprise Resource Planning (ERP) Replacement Project The implementation of the ERP Replacement Project commenced in the financial year. The project was renamed Project Building on Opportunities for Sustained Transformation (BOOST), to better reflect the objective of the project.

The objectives of this project are to illuminate a path to greater operational efficiency and effectiveness and improve transparency, accountability, and data driven decision-making. As part of this project the banking, financial, procurement and human resource systems will be replaced. Included in some of the new functionalities to be introduced by Project BOOST, is an enhancement of the service offerings to our clients. The implementation is ongoing and Phase I is expected to be completed during the 2023/2024 financial year. SWIFT Customer Security Programme The Bank successfully implemented the mandatory requirements identified in the Society for Worldwide Interbank Financial Telecommunications (SWIFT) Customer Security Programme (CSP) and attested before the 31 December 2022 deadline.

Strategic Management and Performance Solution

The ClearPoint Strategic Plan Monitoring Software was implemented on the 18 July 2022. The software is required to monitor the implementation of the Bank’s strategic plan; facilitate strategic risk assessment of all strategic initiatives; and provide the relevant data for reporting to the Executive Committee and Board of Directors on the Bank’s Strategic Plan.

ClearPoint employs the Balanced Scorecard Framework to monitor and evaluate the Bank’s strategic plan.

To date, five member countries have implemented the Commonwealth Meridian and are benefitting from the improved functionalities, resulting in more timely information on the debt positions.

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