Data
Central banks keep ISO 31000 and COSO-ERM as main approaches
Principles tend to vary slightly by central banks’ risk management philosophies
Decentralised risk teams less likely to have chief risk officers
CROs are also less common at Asia-Pacific and European central banks
Credit and counterparty risk gains relevance as most covered risk
But central banks’ top risks vary by geographical regions
Ghana releases draft open banking directive
Central bank heralds “transformative development” in consumer-consented data sharing
CPMI outlines backing for payments data harmonisation
BIS committee aims for greater harmonisation of ISO 20022 to support cross-border payments
Centralised risk teams tend to have more sub-units
Size of central banks with climate change risk unit steadies at 12%
Financial and op risk divisions maintain largest staff
Upper-middle income nations tend to have different staffing priorities
Economics Benchmarks 2024 – model banks analysis
Additional data breakdowns reveal patterns based on staffing and development
FSB launches plan to rein in non-bank leverage
Limited data and uneven regulatory mandates pose major challenges
Economics Benchmarks 2024 report – making models work
The benchmarks this year include more granular details on key model design features
Share of economics departments with data unit rises
Web scraping and administrative data are top alternative sources for economists
Economists commonly use AI for data analysis
Lower-middle income countries, Africa and Asia-Pacific report lower use of AI
Nandalal Weerasinghe on Sri Lanka’s IMF programme, central bank reforms and road to recovery
The Central Bank of Sri Lanka governor speaks about his return from retirement to aid Sri Lanka’s structural reforms and recapitalisation, reinforce central bank independence and develop financial resilience
Peer-reviewed journals still top gauge for research impact
Smaller teams more likely to consider conference presentations as assessment tool
Banknotes: October to December 2024
A round-up of news and salient issues that have affected central bankers in the past three months
Inflation and GDP growth forecast errors decrease further
Forecast errors used widely for key model adjustments
Imported inflation waning but still present – BoE’s Dhingra
MPC member tells panel that another energy shock could still trigger renewed price hikes in UK
Central banks published fewer working papers and articles in 2023
Middle income and low income central banks published less
Time series and semi-structural models widely applied
High income countries more likely to use AI than peers from other income levels
Economic growth and inflation remain most forecast indicators
But year-on-year data show rising priority for exchange rates
Advancing monetary policy tech in the new economic landscape
Central banks face unprecedented challenges in adapting their models to the demands of repeated and interacting crises – polycrisis, as some call the current moment – and high levels of uncertainty. This white paper explores how central banks can deploy…