ECCB 2016/2017 Annual Report

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34 ECCB ANNUAL REPORT 2016/2017
INTERNAL MANAGEMENT
At its meeting of 9 June 2016, the Board Audit and Risk
Committee (BARC) approved a three-year Strategic Plan
and Revised Charter for the Internal Audit Department
(IAD) which reflected a full assurance arrangement.
The Strategic Plan and Revised Internal Audit Charter
took into consideration the recommendations arising
from the external quality review done by the KPMG
and the Update Safeguards Assessment conducted by
the IMF during the latter part of the 2015/16 financial
year.
As the Bank continued on the path of aligning the
activities of the department with international best
practices, all operational activities previously carried
out by the IAD were reassigned to other areas within
the Bank to allow the IAD to place greater focus on
the function of assurance in keeping with its Revised
Charter. The reassignment was necessary to ensure
that there was no threat to the independence of the
department.
During the financial year the IAD completed the
following audits:
• • The Human Resource Department’s
effectiveness in providing value added services
to the Bank;
• • The Research Department’s effectiveness in
producing timely and effective policy advice to
member governments;
• • Agency Office operations in three of the seven
ECCBmember countries, specifically as it related
to the issue and redemption of currency; and
• • A follow-up audit of the Bank Supervision
Department.
ECCB Launches Distinguished Alumni Series
Dr Oral Williams, Deputy Division Chief, International Monetary
Fund (IMF) delivered the first lecture when the ECCB launched its
Distinguished Alumni Series in October 2016.
The programme provides an important avenue for staff members’
professional development, affording them an opportunity to learn
from ECCB alumni who have distinguished themselves through
practice and experience in the fields of Economics, Research and
Banking.
The central purpose of the programme is to strengthen ties with the
Bank’s alumni, while enhancing staff members’ learning experience
and improving the Bank’s service to its member countries.
Dr Williams spoke on: “Economics and the Art of Self Awareness.”
Dr Oral Williams, lecturer, ECCB inaugural
Distinguished Alumni Series