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ECCB ANNUAL REPORT 2016/2017
Directors in fulfilling its oversight responsibilities for
the financial reporting process, the system of internal
control, risk management and monitoring compliance
with laws and regulations and the code of conduct.
Specific to the work of the Committee, consultations
are conducted with the Bank’s directors and officers,
and with the internal and external auditors as deemed
necessary.
External Auditors
An external auditor is appointed by the Board of
Directors from a list of auditors approved by the
Monetary Council. The selection is done through a
process of tendering and due diligence review. The
auditor selected serves for a period of three years.
The external auditor conducts an annual audit to
provide the assurance that the financial statements
fairly represent the Bank’s financial position, and
reports to the Board Audit and Risk Committee on its
findings and recommendations.
The auditing firm of KPMG was appointed on 1 April
2013 to serve as the external auditor for the Bank.
INTEGRITY AND FINANCIAL REPORTING
Disclosure and Transparency
In keeping with international standards, the Bank
publishes statements of assets and liabilities monthly
and audited financial statements by the end of June
each year in accordance with statutory requirements.
Transparency practices are published on the Bank’s
website.
The Deputy Governor
The Deputy Governor supports the Governor in
his duties, and exercises the powers, duties and
responsibilities of the office during the absence or
disability of the Governor.
Executive Committee
The Executive Committee, which comprises the
Governor and Deputy Governor, has the overall
responsibility for the internal controls and risk
management of the Bank. The Committee continues
to guide the system of internal control and ensures
that the Bank’s policies are carried out by the various
departments, each of which is headed by a senior
director or a director.
During the year, the Bank completed its “Guidelines
for the Succession of Governor and Deputy Governor.”
The Monetary Council approved the guidelines at its
March 2017 meeting.
RISK MANAGEMENT AND INTERNAL CONTROL
As part of the transformation of the audit function,
the recently formed Office of Risk Management,
which is headed by the Chief Risk Officer (CRO),
is charged with the responsibility of developing,
implementing and maintaining an Enterprise Risk
Management Framework for the Bank in accordance
with international standards. The CRO reports directly
to the Governor on matters related to risks.
In keeping with current leading practices and based
on the recommendation from the report of the IMF
Safeguards Assessment, in January 2017 the Board
Audit Committee was renamed the Board Audit and
Risk Committee. The Board Audit and Risk Committee
continues to provide guidance to the Board of