Safeguards Assessments for Central Banks

Safeguards Assessments of Central Banks

This course, presented by the IMF’s Finance Department in collaboration with the Legal Department, is designed to provide central bank officials with an interactive exposure to the IMF’s safeguards assessment methodology. In particular, the course highlights the importance of central bank governance, transparency, and accountability in improving financial safeguards. This course also provides a forum for central bank staff to exchange views on their experiences in strengthening safeguards frameworks, including emerging challenges and issues. The course incorporates interactive lectures and discussions, workshops, and case studies addressing key assessment areas, including the external and internal audit mechanisms, financial reporting framework, system of internal controls, management of international reserves, and reporting of monetary data to the Fund. In addition, the course offers an overview of key concepts underlying autonomy and good governance in central bank legislation.

Course Objectives: Upon completion of this course, participants should be able to: 

• Assess the strengths and vulnerabilities of the financial safeguards in their central banks. 
• Identify specific steps that can be taken to strengthen these safeguards.
• Use leading practices for central banks in the areas of good governance, central bank autonomy, accountability and transparency.
• Describe and explain the key requirements of the IMF safeguards policy and the importance of implementing safeguards recommendations.