ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 -2024

bringing together a broad cross-section of stakeholders and partners to participate in the Region’s transformative agenda. The consultative meetings with Financial Secretaries and development banks will continue to be key avenues for policy discussion and advice. The Bank also looks forward to the 2025 Common Policies Consultation with the IMF. ECCB-IMF W orkshop on F uel P ricing and C arbon T axation The Bank will co-host a workshop with the IMF, with part sponsorship by the CARTAC on “Fuel Pricing and Carbon Taxation”. The workshop targets technical staff from the member countries and will be convened at the ECCB Campus early in the 2024/2025 financial year. The aim of the workshop is to support the member countries in their efforts to reform their fuel pricing regimes and address challenges they are experiencing, to protect revenues, among other objectives. I mplementation of IT P rojects The Bank will focus on the implementation of the following IT projects: 1. IT Policies and Procedures 2. Content Management Solution 3. Endpoint Threat Detection and Response (EDR) Solution 4. Migration to SWIFT Alliance Cloud 5. New Remote Access Solution 6. Upgrade of Audit Management Software A udits The following audits are carded for completion within the new financial year 2024/2025: 1. Data Management;

2. Agency Offices (Antigua and Barbuda, Grenada and Saint Lucia); 3. Projects and Technical Assistance; 4. Bank-wide Contract Process; 5. Capital Projects; 6. Corporate Relations Department; and 7. Research, Statistics and Data Analytics Department. Further plans are in place to conduct a gap assessment on the new Internal Audit Global Standards, which become effective 9 January 2025. This will enable the Bank to identify any areas where it is not in conformance with the new standards prior to its next external quality assessment. An action plan for implementation of requirements to facilitate the conformance with the new Standards will also be drafted and executed. M anagement of F oreign R eserves The Bank will implement an enhanced foreign currency reserve framework which will involve the following: 5 A shift to a more conservative risk tolerance or appetite for losses; 5 The introduction of a stop-loss policy to aid decision-making during extreme market environments; and 5 Further development of the credit risk management function which will support the measurement and monitoring of credit risk. C ollaborative E fforts The Bank will continue to connect with subject matter experts in the areas of information technology, cyber security, climate-related financial and environmental risk, and data analytics and visualisation.

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