Risk Management Maturity Assessment at Central Banks
28 Pages Posted: 23 Jan 2020
Date Written: December 2019
Effective risk management at central banks is best enabled by a sound framework embedded throughout the organization that supports the design and execution of risk management activities. To evaluate the risk management practices at a central bank, the Safeguards Assessments Division of the IMF's Finance Department developed a tool that facilitates stocktaking of elements that are present and categorizes the function based on its maturity. Tailored recommendations are then provided to the central bank which provide a roadmap to advance the risk management function.
Keywords: Central banks, Risk management, Central bank operations, Central bank governance, External audit mechanism, maturity assessments, WP, risk management practice, risk management function, maturity level, central bank, maturity
JEL Classification: E58, G21, M42, K2, G32, E62
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