Technical Assistance Reports

Sri Lanka: Technical Assistance Report-Central Bank Risk Management

October 4, 2024

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Format: Chicago

International Monetary Fund. Monetary and Capital Markets Department "Sri Lanka: Technical Assistance Report-Central Bank Risk Management", Technical Assistance Reports 2024, 083 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400289934.019

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Summary

Since 2015, the Central Bank of Sri Lanka (CBSL) has enhanced its risk management through a comprehensive framework and is aiming for an Enterprise Risk Management system. Initiatives like the establishment of the Banking Risk Oversight Committee (BROC) and the Non-Financial Risk Management Committee (NFRMC) have been key in fostering higher-level risk discussions. To further integrate risk management into its culture and operations, the CBSL is focusing on strengthening leadership's engagement in risk management, adopting a risk appetite statement, ensuring targeted training, empowering the risk management function, implementing the 3 Lines Model for clear role delineation, and defining risk tolerance levels with Key Risk Indicators (KRIs). The high-level objectives of the IMF’s engagement with the CBSL include embedding robust risk management practices deeply within the organization, aligning the CBSL’s strategic goals with its risk management efforts, and enhancing decision-making processes to improve efficiency and effectiveness, all in line with the CBSL's legal mandate.

Subject: Central bank risk management, Central Banks

Keywords: Central bank risk management

Publication Details

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