Strategic Planning and Change Management for Central Banks

Since 1999, Central Banking Publications has organised annual residential training courses/seminars which have been attended by more than 4,500 central bankers and supervisors from over 140 countries. Strategic Planning and Change Management for Central Banks April 21 24 2015, Cumberland Lodge, Windsor UK Course Chair Janet Cosier Former Adviser on Strategic Planning and Risk Management Bank of Canada Series Advisor Charles Goodhart Professor Emeritus London School of Economics Financial Markets Group www.centralbanking.com/windsor

Dear Delegate, Strategic planning is a tried and tested instrument used by the Bundesbank to ensure that we are ready to respond to the influences of a dynamic environment at any given moment. We do this in a way that is as resource-efficient as possible. Jens Weidmann, President, Bundesbank, September 2014 Central banking is changing. In 2015, central banks face an expanding array of new policy demands, mandates, and reporting requirements. This presents day-to-day challenges for senior managers as well as challenging established notions of activity and governance. As a result not only must central banks prepare for change they must be prepared to change. Central to this is the identification of future external and internal demands and alignment of resources to meet these. Central banks, as organisations, must become skilled in changing. Strategic planning is the tool of change. Yet in this fast-moving environment, they must guard their independence and continue to stand tall in the eyes of stakeholders. This course, Strategic Planning and Change Management for Central Banks is designed to equip central bankers to meet these challenges. The four-day programme of interactive roundtable seminars and workshops offers practical examples of strategic planning, and the panel of expert speakers combines practical central banking experience with views from private sector experts. All discussions are held in roundtable format to encourage participants to share their experiences and debate the pressing issues in their field. This format, as more than 4,500 central bankers and regulators can attest, encourages delegates to quiz panellists, raise issues and discuss solutions to the specific challenges they face. We look forward to welcoming you to Windsor on April 21. Yours sincerely, Key sessions focus on: Monitoring and measuring change outcomes IT s role in strategic change Strategy design and effective implementation Value chain in management analysis Positioning the strategic function Excellent course to take! Great participants, wonderful speakers. Learnt a lot of good points, tips and quick wins on management Claudia Ferreira, Senior Advisor, Bank of Portugal Key speakers include: Pether Burvall, Controller and Senior Adviser, Sveriges Riksbank Jarno Talvitie, Advisor, Strategy and Organisation, General Secretariat, Bank of Finland Allan Kearns, Deputy Head, Organisational Risk Division, Central Bank of Ireland François Van Zyl, Former Head, Strategic Management, South African Reserve Bank Igor Mendonca, Advisor at the Planning, Budget, and Management Department, Central Bank of Brazil Robert Pringle, Chairman Central Banking Publications

Strategic Planning and Change Management for Central Banks Tuesday 21 April New Directions for Central Bank Strategic Planning Key issues for participants Workshop led by Janet Cosier, Former Adviser on Strategic Planning, Bank of Canada Today s central banks face an increasingly complex and fast-changing set of challenges: they are tasked with more than ever before in their history and must operate under unprecedented levels of market and stakeholder scrutiny. In this opening session, the chairperson will set the scene for those that follow by outlining the external pressures facing central banks from policy, operational, governance and financial perspectives. The ensuing discussions will consider the internal constraints facing central banks, drawing on the experiences of the chair and participants. The chair will also encourage participants to talk about the steps they have taken to improve institutional management, the obstacles they encountered and the key objectives that they wish to achieve in the future. This conversationwill draw out particular themes and issues, and enable later sessions to target specific concerns and areas of interest of participants. Enhancing capacity: a case study of macroprudential supervision Jarno Talvitie, Advisor, Strategy and Organisation, General Secretariat, Bank of Finland The heightened role of central banks in macroprudential supervision creates a new set of requirements and exposes the institution to a new set of risks: it demands improvements and development of synergies in the analytical capacity of the institution as well as cooperation with other institutions. In short, it changes how central banks work. This session will draw on the experience of one central bank that has undergone significant change in this important area. The speaker will share with the group how his institution is changing its operating environment, such as combining expertise in macroeconomic analysis with financial market perspectives. He will will further show how the central bank controls the implementation of strategy. Group discussion will draw out lessons for central banks on institutional arrangements for macroprudential supervision and institutional change broadly. Workshop: positioning the strategic function Janet Cosier, Former Adviser on Strategic Planning, Bank of Canada and François Van Zyl, Former Head, Strategic Management, South African Reserve Bank This discussion session will look at where the strategic function should best sit within the management structure of the central bank. The profile, resourcing, leadership and the buy-in the function enjoys will all have a significant bearing on the outcome delivered. Specific questions that will be considered will include: what are the main responsibilities of a planning function? Who should be in charge? Should strategic planning be a specific department, committee or a special advisor? What skillsets are desirable or necessary? To whom should the function report? The aim will be to develop a broader understanding of how the strategic planning function works within central banking and a shared sense of good practices. About the course chair: Janet Cosier recently retired from the Bank of Canada in her roles as Chief Risk Officer and Adviser on Strategic Planning. She is continues in her capacity as the Chair of the Board of Directors of the Canadian Payments Association. She has served in a variety of functions including comptroller and chief accountant, as well as chief internal auditor, before being appointed adviser to the governor. She has provided technical assistance to various central banks in the areas of strategic planning, risk management, governance and financial reporting. Before joining the Bank of Canada, she worked with the Office of the Auditor General of Canada and with the Department of Industry, Trade and Commerce. Mrs Cosier holds degrees from York University and the University of Windsor in mathematics, computer science, accounting and financial management.

Windsor, 2015 Wednesday 22 April The Strategy Journey: from Design to Implementation Designing a strategic plan: from objective setting to cascading alignment Janet Cosier, Former Adviser on Strategic Planning, Bank of Canada For central banks considering operational and institutional change, strategic planning provides a useful framework with which to tackle questions and develop solutions. This session, led by an experienced central bank strategic planner, will present the key building blocks of strategy design: nature of the organisation and concept of strategy; strategy and corporate governance; the planning cycle. It will then look closely at visioning, environmental analysis, prioritising and decision-making. Time will be devoted to the practicalities of objective setting and ensuring that departmental strategies align with the overall central bank strategy. The role of risk management in strategic planning Allan Kearns, Deputy Head, Organisational Risk Division, Central Bank of Ireland For those in charge of strategic planning, developing synergies with those in charge of risk management can be highly and mutually beneficial. The risk management function which sits close to the day-to-day business can provide valuable insights for those in charge of the strategic planning process. By the same token, the strategic planning function with its forward looking nature is helpful in sounding out potential future risk areas. In this session, the speaker will look at how to best integrate risk management with strategic planning and performance management in order to better manage a central bank s business and reputation risks. Effective implementation across the institution François Van Zyl, Former Head, Strategic Management, South African Reserve Bank While a strategic vision of institutional objectives is critical, change occurs in the implementation, rather than the formulation, of strategy. This requires a top-to-bottom realisation that departmental goals must serve strategic objectives. This session will look at how strategy can be best operationalised, and strategy implementation measured and evaluated. Attention will be given to communication, measuring matrixes, organisational culture and values, and team dynamics which are key factors in successful strategy implementation. Strategy communication: generating buy-in Speaker to be confirmed Strategic change is not a mechanical, emotionless process. Indeed organisational change can be stressful for staff, not least if the direction and goals are poorly communicated. Departmental managers are instrumental in taking staff through organisational change to achieve the mission and the strategic vision. This is the remit of those charged with strategic planning, who must not only lead the process but also utilise soft skills in boosting morale and enthusiasm. In the session, the speaker will share with the group his central bank s approach to communicating strategy. IT s role in strategic change John Trundle, Chief Executive Officer UK and Ireland, Euroclear and former Head of Business Continuity Division, Bank of England Central banks are technologically complex institutions. But are they equipped with the necessary IT systems to enable their business units to achieve their strategic objectives? How can managers and boards prioritise resourcing decisions? IT is furthermore a key partner for those in charge of strategic planning as it provides, or should provide, the backbone of the monitoring and review process. The speaker will discuss how institutions can ensure that their systems and processes are fit for purpose, and, more broadly, maintain a productive dialogue between strategic planning and IT. An outstanding seminar, well organised and the topics were so good Hussain Shahean, Head of Project and Development, Central Bank of Bahrain

Strategic Planning and Change Management for Central Banks Thursday 23 April Delivering Effective, Efficient and Lasting Change Monitoring and measuring change outcomes Pether Burvall, Controller and Senior Adviser, Sveriges Riksbank Delivering change involves monitoring and measuring outcomes, with clarity of responsibility and reporting being vital. Yet, in contrast to the commercial sector where goals can be set in terms of profit or market share, metrics for central banking are less clear. How then can central banks show the effectiveness of a change? How can they show they are delivering value for money? In this session, the speaker will share and discuss the Swedish central bank s strategic journey with a particular reference to the division of labour between the policy-setting board members and the heads of department. Group discussion will draw out how a central bank can target and assess strategic change and business performance. HR s role in strategic change Mugur Tolici, Director, Human Resources Department, National Bank of Romania A central bank s main resource is people. Once that is accepted, it follows that human resource management specialists are key in institutional transition. Often stereotyped as a box-ticking bureaucracy, a human resource function can be marginalised in a change programme, becoming the poor relation of consultants or strategic planners. The speaker will demonstrate how those in charge of strategic planning can achieve effective dialogue with human resources specialists to align human resources strategy to the overall corporate strategy of the central bank for effective implementation. In this context he will explain how his central bank s human resources department managed change and supported the overall strategic plan, drawing out lessons that can be applied elsewhere. Project, programme and portfolio management a case study Igor Mendonca, Advisor at the Planning, Budget, and Management Department, Central Bank of Brazil This case study session will draw on the Central Bank of Brazil s project, programme and portfolio management framework. The case study will show how the central bank manages the multiplicity of activities underway to improve processes and performance at the central bank, in particular, details of her department s conduct of project management, covering the portfolio process and its main actors. The speaker will further explain how project management is itself evaluated and what the major challenges are, especially in programme management. Previous attendees include Bank of Algeria Reserve Bank of Australia Austrian National Bank Central Bank of Bahrain Central Bank of Barbados Bermuda Monetary Authority Central Bank of Bosnia & Herzegovina Central Bank of Brazil British Virgin Islands Financial Services Commission Brunei Currency and Monetary Board Bank of Canada Central Bank of Colombia Czech National Bank National Bank of Denmark Central Bank of Ecuador Banque de France Central Bank of the Gambia European Central Bank Bank of Ghana Central Bank of Honduras Hong Kong Monetary Authority Central Bank of Hungary Reserve Bank of India Bank Indonesia Bank of Italy Bank of Jamaica Central Bank of Kenya Bank of Korea Bank Negara Malaysia Maldives Monetary Authority Reserve Bank of New Zealand Central Bank of Nigeria Norges Bank Central Bank of Oman State Bank of Pakistan Bank of Papua New Guinea Central Bank of Paraguay Central Bank of the Philippines Central Bank of Qatar National Bank of Romania SAMA Central Bank of Seychelles Bank of Sierra Leone Monetary Authority of Singapore South African Reserve Bank Bank of Spain Central Bank of Sri Lanka Sveriges Riksbank Swiss National Bank Bank of Tanzania Bank of Thailand Central Bank of the Republic of Turkey Bank of Uganda Bank of England Federal Reserve Bank of New York Bank of Zambia

Windsor, 2015 Friday 24 April Ensuring Right Practice Financial management and management information Speaker to be confirmed As central banks face increased demands for accountability, so too will they face greater scrutiny of their budget and overall expenditure. Effective and efficient use of resources, and the ability and willingness to demonstrate that, is vital in preserving credibility and trust. Moreover, optimal resources allocation is closely entwined with successful strategic planning and the operational plan. The overall budget is then the financial summary of the central bank s operational plan. A comprehensive management information system needs to include not only financial accounting and reporting but also resource costing and output measurement. The speaker will outline how the key success features of her institutution s approach can be applied in participants own institutions. The value chain as a central unit of analysis for management Igor Mendonca, Advisor at the Planning, Budget, and Management Department, Central Bank of Brazil Central banks are typically well-respected institutions in their home countries. It is generally accepted by their public that they do a good job. But how good? The presentation will focus on how concepts of business processes management can be applied productively in a central banking context. The speaker will show how the value chain can play a central role in the organisational management by linking risk management, strategic and tactic planning, training and development, costs, communication, documentation and related themes. Group discussion will consider the benefits of adopting such an approach. Lessons and action points Led by the Chair In this session, the chairman will review the key lessons from the presentations and discussions throughout the course. Delegates will be asked to reflect on how the lessons learnt over the four days can be applied at their home institutions, what roadblocks they might encounter and how these can be overcome. CBP s Spring Series 2015 features the following seminars: Strategic Planning and Change Management for Central Banks Chair: Janet Cosier, former Adviser on Strategic Planning and Risk Management, Bank of Canada Financial Stability: Designing and Implementing Macroprudential Policy Chair: E. Philip Davis, Principal Research Fellow, National Institute of Economic and Social Research, and Associate Professor, Brunel University Central Bank Governance: the Role of the Board Chair: John Jussup, Former General Counsel and Corporate Secretary, Bank of Canada New Developments in Banknote and Currency Management Chair: Antti Heinonen, Chairman of Banknote Ethics Initiative and Former Director, Banknotes, European Central Bank Central Bank Statistics: From Data Delivery to Analytical Value Add Chair: Laura Vajanne, Head of Statistics, Bank of Finland AML/CFT: Implementing a Risk-Based Framework Chair: Richard Chalmers, Former Co-Chair of the FATF s Evaluation and Compliance Group Effective Internal Audit for Central Banks Chair: Paul Apps, Former Head of Audit, Reserve Bank of Australia

Strategic Planning and Change Management for Central Banks Booking details Course fee: 3,400 4-Day (3 nights) residential course Course fee includes: en-suite accommodation, meals, refreshments, course documentation and a complimentary copy of the most recent issue of the Central Banking journal. Substitute delegates can be accepted should the registered delegate be unable to attend; please let us know prior to the event. How to book There is a booking form overleaf. Please use one of the following methods to book your place: Online: www.centralbanking.com/windsor Call: Clare Hope on +44 (0) 207 316 9152 Email: conference@centralbanking.com Fax: Attention of Central Banking Events to +44 (0)207 504 3730 Post: Central Banking Publications Incisive Media 28 29 Haymarket London SW1Y 4RX, UK The Venue The 2015 Spring Series will take place at the Cumberland Lodge, a former royal residence. Set in the tranquil heart of Windsor Great Park, only 27 miles from London and a short distance from Heathrow airport, Cumberland Lodge is perfectly placed for local, national and international meetings. Dining and accommodation are top class and the atmosphere is that of a friendly country house. About Central Banking Publications For 25 years Central Banking Publications has been a trusted provider of independent, authoritative and relevant information, commentary and analysis to the central banking community. Central Banking Publications events division is the leading independent organiser of public policy seminars/ training courses for the official sector. Since 1999, CBP has hosted roundtable seminars and training courses for over 4,500 senior policymakers from central banks, ministries of finance and financial regulatory agencies around the world. Senior officials from more than 140 countries have attended these meetings over the past decade and a half.

Strategic Planning and Change Management for Central Banks 1. Delegate details: PLEASE WRITE IN CAPITALS Mr/Mrs/Ms: First name: Job title: Organisation: Address: Telephone: Email 1: Email 2: Surname/Family name: Department: Post Code: Facsimile: Please provide us with the direct email address of the delegate and an additional email address if possible. This is very important because all correspondence with delegates is by email. Accomodation: The course fee includes 3 nights accommodation at the Cumberland Lodge. Please indicate if you think you may need extra night(s) accommodation at the venue Do you have any dietary requirements? If yes, please specify (Yes/No) (Yes/No) Course fee: 3,400 2. Payment details: Invoice: If you select this option an invoice will be sent to you by email and by post. If you would like to provide different details to the above for the invoice please notify us when sending back the booking form. Credit card: please charge 3,400 to my Visa Mastercard American Express Card No: Cardholder name: Cardholder address (if different from above): Security Code: Expiry date: Signature: Date: I have read and agree to the terms and conditions below. Signature: Date: Terms & Conditions: A refund (less 10% administration fee) will be made if notice of cancellation is received in writing three weeks before the event. We regret that no refunds can be given after this period. In addition delegates are wholly responsible for obtaining any necessary entry visas and refunds cannot be given as a result of non-attendance arising from a failure to secure such visa. A substitute delegate is always welcome at no extra charge. The programme may change due to unforeseen circumstances, and Incisive Risk Information Ltd reserves the right to alter the venue and/or speakers. Incisive Media accepts no responsibility for any loss or damage to property belonging to, nor for any personal injury incurred by, attendees at our conferences, whether within the conference venue or otherwise. Data protection: by registering for a Central Banking training course you will receive further information relating to this event. In addition we will send you information about our other relevant products and services which we believe will be of interest to you. If you do not wish to receive other relevant information from Incisive Media via a particular medium please click the following relevant boxes: mail phone fax email Incisive Media will also allow carefully selected third parties to contact you about their products and services. If you do not wish to receive information from third parties via any of the following media please tick the relevant boxes: mail phone. Please tick if you are happy to receive relevant information from carefully selected third parties by email and fax. Registered Office Haymarket House, 28 29 Haymarket, London, SW1Y 4RX UK. Registered in England and Wales number 4252091 VAT No. GB 756 9781 65P.