ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

R isk managment and I nternal C ontrol The BoardAudit Committee, chaired byHis Excellency Wendell Lawrence, Board Member for St Kitts and Nevis, plays a major role in the management of risk and internal controls. In fulfilling its mandate the Committee consults with the Bank’s officers, external auditor or outside counsel as it deems necessary. The Executive Committee, which comprises the Governor, Deputy Governor and the Managing Director, has the overall responsibility for the internal controls and risk management of the Bank. This Committee guides 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. Three senior directors and 10 directors head the 13 departments of the Bank, and they are responsible for ensuring that the departmental objectives are met and that the Bank’s policies and procedures are executed efficiently and effectively. The Internal Audit Department is critical to the Bank’s management of risks; it monitors continuously, the operations of high-risk areas in the Bank. The Director of the Internal Audit Department is required to report any deficiencies in the Bank’s system to the Board Audit Committee and to make recommendations to the Executive Committee and Heads of Department for the protection of the resources and the reputation of the Bank.

for a period not exceeding five years and are eligible for re-appointment. During the year, Mr Francis Fontenelle was appointed as the new Board Member for Saint Lucia. The Board meets at least once every quarter in a calendar year. Five appointed Directors at any meeting constitute a quorum. During the year, the Board convened for five meetings. Four subcommittees assist with the work of the Board. They are the: •  • Board Audit Committee; •  • Board Investment Committee; •  • Budget and Personnel Committee; and •  • Monetary Policy and Fiscal Coordination. The Governor The Governor serves as chairman of the Board of Directors. As chief executive of the Bank, he is responsible to the Board for the implementation of the Bank’s policies and the day to day management of the institution. He attends all meetings of the Monetary Council. The Governor has the authority to act, contract and sign instruments and documents on behalf of the Bank, and may by resolution of, and to the extent deemed appropriate by the Board, delegate such authority to other officers. 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.

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ECCB ANNUAL REPORT 2014/2015

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