Central Bank Governance and the Role of Nonfinancial Risk Management

Farias, Aquiles

doi:10.5089/9781498376051.001

Cited by 18 publications

(10 citation statements)

References 7 publications

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“…The central bank's mandate, its independence, accountability and transparency arrangements, and organization all contribute to establishing credibility and trust in the central bank, the market, and the financial sector. See figure 1A for a schematic overview; for a more detailed discussion, see Khan (2016). Central bank independence is crucial to the effective formulation of monetary policy.…”

Section: Financial Independencementioning

confidence: 99%

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Khan¹

2018

IMF Working Papers

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This paper argues that central bank legal protection contributes to safeguarding a central bank and its financial supervisor's independence, especially for conducting monetary and financial stability policy. However, such legal protection also entails enhanced accountability. To this end, the paper provides a selected overview of legal protection for central banks and financial supervisors (if the supervisor is part of the central bank), focusing on liability, immunity, and indemnification arrangements, and based on the IMF's Central Bank Legislation Database. The paper also uses data from the IMF's Article IV and FSAP Database, and the IMF MCM's Technical Assistance Database. It lists selected country cases for illustrative purposes. It introduces the concepts of "appropriate legal protection" and "function-specific legal protection" as topics for further research.

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Section: Financial Independencementioning

confidence: 99%

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Khan¹

2018

IMF Working Papers

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“…Ugyanakkor kérdésként merül fel, milyen megközelítéseket kell alkalmazniuk a többes mandátum sikeres végrehajtásához. Kérdés az továbbá, hogy a megváltozott szerep és az új elvárások hogyan elégíthetők ki az ezekhez alkalmazkodó hatékony szervezeti magatartással, irányítási kultúrával (Kahn 2016).…”

Section: Bevezetésunclassified

Társadalmi felelősség a központi bankok működésében

Lentner¹,

Szegedi²,

Tatay³

2017

Hitelintézeti szemle

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Tanulmányunkban abból a hipotézisből indulunk ki, hogy a központi bankok társadalmi felelőssége sajátos, hiszen ezeket kimondottan a közjó javára hozták létre. Társadalmi felelősségük értelmezéséhez először a vállalati társadalmi felelősségvállalás (CSR) fogalmát vizsgáljuk a vállalati gyakorlatban. Ezt követően a központi banki működésre vonatkoztatva kívánjuk a CSR értelmezését átültetni. Értelmezzük a központi bank tevékenységéhez kapcsolódóan a gazdasági, jogi, etikai és jótékonysági felelősségvállalás fogalomkörét. A Magyar Nemzeti Bank, a Fed, és az Európai Központi Bank, valamint Hollandia, Dánia, Spanyolország, Lengyelország és Csehország központi bankjának tevékenységén keresztül kívánunk példákkal rávilágítani, hogy miként is értelmezzük konkrétan a központi banki gyakorlatban a vállalati társadalmi felelősségvállalás egyes összetevőit.

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“…The assessment takes into account their risk profiles, risk culture, and resources available. 1 In his review of operational risk management practices in regulators, Khan (2016) concludes that they do not pay sufficient attention to this issue and gives recommendations on how to fully integrate an operational risk management system into all areas of a regulator's activities. However, those practices were originally developed for commercial organisations, not regulatory institutions.…”

Section: Introductionmentioning

confidence: 99%

Systematic Approach to Operational Risk Management in Central Banks (Regulators): Prerequisites, Current Issues, and Development Prospects

Goreglyad¹

2019

RJMF

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As regards financial risk management, its issues have already been worked through rather extensively both in theory and in practice. However, this is not the case when it comes to operational risks. The reason for this does not lie in the two types of risk having differing levels of significance (both types can have disastrous consequences for an organisation); it is rather due to their differing nature and, in the case of operational risks, more complex cause and effect relationships between the sources and consequences of risks. These circumstances make it extremely challenging not only to assess, but also to understand operational risks. Moreover, whereas a lot has already been done in regards to the operational risks faced by commercial institutions (which is largely thanks to the efforts of supervisory bodies who consider this a matter of financial stability), it is only in the last two decades that supervisory bodies themselves (central banks and other regulators, hereinafter referred to as regulators) have been seen to implement operational risk management systems. In this paper, we analyse the prerequisites for the formation of a systematic approach to operational risk management in international practices and conduct comparative analysis of its reasonableness for using by regulators and commercial institutions. Our analysis confirms the relevance of this new trend and demonstrates that, given their specific nature, when regulators implement operational risk management systems in their activities, risk culture and top-down support issues come to the fore.

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Central Bank Governance and the Role of Nonfinancial Risk Management

Cited by 18 publications

References 7 publications

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Legal Protection: Liability and Immunity Arrangements of Central Banks and Financial Supervisors

Társadalmi felelősség a központi bankok működésében

Systematic Approach to Operational Risk Management in Central Banks (Regulators): Prerequisites, Current Issues, and Development Prospects

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