Central Bank Governance and the Role of Nonfinancial Risk Management

52 Pages Posted: 28 Mar 2016

See all articles by Ashraf Khan

Ashraf Khan

International Monetary Fund (IMF)

Multiple version iconThere are 2 versions of this paper

Date Written: February 2016

Abstract

This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.

Keywords: bank, banks, risk, central banks, governance, General, All Countries,

JEL Classification: E50

Suggested Citation

Khan, Ashraf, Central Bank Governance and the Role of Nonfinancial Risk Management (February 2016). IMF Working Paper No. 16/34, Available at SSRN: https://ssrn.com/abstract=2754939

Ashraf Khan (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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