ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 -2024

H uman R esource During the upcoming year focus will be on onboarding additional members for the Human Resource (HR) team to execute the Bank’s HR mandate. Successful completion of the HR component of Project BOOST and Oracle will also feature highly on the Bank’s work programme. The Bank will aim for a strategic and targeted approach to sustained employee engagement and satisfaction of 75.0 per cent or above. Focus will be placed on a change management initiative over the course of the upcoming year. Full implementation of approved compensation review recommendations will also be given priority with expected completion by the end of the fiscal year 2024-2025. R isk M anagement The Bank will undertake the development of the Key Risk Indicators (KRI) as part of the implementation of the KRI Framework. The framework is expected to be fully implemented by second quarter of the upcoming financial year under supervision of the Management Risk Committee. In addition, the Bank will launch its Operational Risk Incident Reporting Framework in the second quarter of 2024, which will allow all staff to anonymously report on any event, which has had, or could have had (near-miss), a negative financial, business or reputational impact on the ECCB. B usiness C ontinuity M anagement The Bank will continue the implementation of the IT Recovery Strategy as part of its Business

Continuity Management System (BCMS) Policy implementation by the final quarter of the upcoming financial year. During the upcoming year, the Bank will undertake the testing and exercising of the Scenario Plans for departments and subsequently finalise the attendant business continuity plans. C ompliance The ECCB will continue implementation of the Compliance Management System (CMS) Framework Policy during the upcoming financial year; it is expected to be fully implemented over the strategic period, ending March 2026. The ECCB will continue and accelerate its efforts towards the drafting of Financial Stability legislation. That legislation will provide ECCB with the explicit mandate for financial stability in the ECCU, and allow for the streamlining of responses to activities, such as crisis resolution across the ECCU’s financial space and closer collaboration with national regulators especially on macroprudential matters. Following the drafting of the legislation, a consultative process will be held with stakeholders across the ECCU and culminate with the submission of the Financial Stability Legislation to member countries for enactment. D eposit I nsurance L egislation In the 2024/2025 financial year, the Bank will seek to accelerate its efforts towards the creation of a deposit insurance system in the ECCU. The Bank anticipates that the final draft of the legislation will be submitted to member countries by the third quarter 2024 for enactment. LEGISLATIVE AGENDA F inancial S tability

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