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Central Bank Governance and the Role of Nonfinancial Risk Management
Author:
Mr. Ashraf Khan
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https://orcid.org/0000-0002-0084-0240
Series:
IMF Working Papers
Volume/Issue:
Volume 2016: Issue 034
Language:
English
Publication Date:
23 Feb 2016
DOI:
https://doi.org/10.5089/9781498376051.001
ISBN:
9781498376051
ISSN:
1018-5941
Pages:
51
Keywords:
WP; central bank; risk management; government; company; financial risk; central bank governance; operational risk; risk culture; policy independence; aggregate risk appetite statement; governance issue; central bank decision-making; A. central bank independence; transfers profits; central bank activity; central bank governance issue; central bank FMIs; central banks bank run; policy area; Internal audit; Financial sector stability; Central bank risk management; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper argues that nonfinancial risk management is an essential element of good governance of central banks. It provides a funnelled analysis, on the basis of selected literature, by (i) presenting an outline of central bank governance in general; (ii) zooming in on internal governance and organization issues of central banks; (iii) highlighting the main issues with nonfinancial risk management; and (iv) ending with recommendations for future work. It shows how attention for nonfinancial risk management has been growing, and how this has amplified the call for better governance of central banks. It stresses that in the area of nonfinancial risk management there are no crucial differences between commercial and central banks: both have people, processes, procedures, and structures. It highlights policy areas to be explored.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2016: Issue 034