ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

The Internal Audit Charter was also reviewed to reflect the revised role of the IAD, the responsibilities of the Board Audit Committee and the requirements for a Quality Assurance Programme. In addition, a conflict of interest policy, in line with the Institute of Internal Auditing Standards, was developed for the department to complement the Charter. I nformation T echnology and S ecurity IP Telephony Project During the year, the ECCB revamped its analog PBX telephone system with the implementation of a state-of-the-art IP telephony system. The ECCB can now truly boast ‘one voice’ because this system connects the Bank’s over 200 employees in the eight member countries. Access to ECCB remote agency offices is just an extension away, allowing not only for ease of communication but also significant cost savings to the Bank. The new system also features enhanced teleconferencing, voicemail, caller ID and call accounting enabling users to be more efficient and productive in executing their duties. The staff has embraced the flexibility, connectivity and scalability that this new system brings. H uman R esource D evelopment HR Role The Human Resource Department (HRD) continued to execute its deliverables to provide exemplary human resource services to the management and staff of the Bank.

The assessments were geared at evaluating the Bank’s internal auditing and risk management efforts in compliance with international standards and best practices. The assessments recognised the advanced stage of the Bank in those areas but highlighted the need to continue on the path of alignment with international best practices. In addition, the QAR of the IAD highlighted the need to relook some of the work the department was performing to ensure that there was no threat to its independence. In addition, the Bank was subject to an Update Safeguards Assessment by the IMF. The results indicated that the Bank continued to maintain a governance framework that provides for independent oversight. Moreover, it was noted that transparency in financial reporting was maintained and the external audit mechanism was sound. The assessment however underscored the need for the Bank to reassess the IAD’s involvement in certain operational activities. A three-year strategic plan for the period 1 April 2016 to 31 March 2019 was prepared for the IAD. The plan utilised a risk based approach using the results of a Bank Wide Risk Assessment. The IAD’s resources, as outlined in the plan, focused on assurance engagements covering all departments of the Bank over the three- year period. The Bank was subject to an Update Safeguards Assessment by the IMF. The results indicated that the Bank continued to maintain a governance framework that provides for independent oversight.

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ECCB A nnual R eport 2015/2016