Central Bank Governance and the Role of Nonfinancial Risk Management
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Summary:
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.
Series:
Working Paper No. 2016/034
Subject:
Banking Central bank governance Central bank risk management Central banks Financial regulation and supervision Financial sector policy and analysis Financial sector stability Internal audit Operational risk Public financial management (PFM)
English
Publication Date:
February 23, 2016
ISBN/ISSN:
9781498376051/1018-5941
Stock No:
WPIEA2016034
Pages:
51
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