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Cover Technical Notes and Manuals
Business Continuity Planning for Government Cash and Debt Management
Mr. Emre Balibek, Ian Storkey, and Hakan Yavuz
Cash and debt management operations are part of the “transactional” functions of public financial management. It is critical that these functions are resilient to external disruptions, ranging from information and communication technology (ICT) system outages to natural disasters. This technical manual aims to provide guidance on the steps that government cash and debt management units can follow to develop and implement a practical business continuity plan that economizes the resources used. It also discusses the evolving nature of business disruption risks faced by cash and debt management over the last decade, including the COVID-19 pandemic, as well as risk mitigation solutions that have emerged.
Keywords:
Business continuity planning; business impact analysis; operational risk management; business disruption risks; cash and debt management; COVID-19; pandemic; government cash management; debt management function; debt management performance assessment; debt management unit; business disruption risk; part of government cash and debt management; Operational risk; Government debt management; Government cash management; Debt management; Global
Cover Technical Notes and Manuals
Operational Risk Management and Business Continuity Planning for Modern State Treasuries
International Monetary Fund
This technical note and manual addresses the following main issues: 1. What is operational risk management and how this should be applied to treasury operations. 2. What is business continuity and disaster recovery planning and why it is important for treasury operations? 3. How to develop and implement a business continuity and disaster recovery plan using a six practical-step process and how to have it imbedded into the day-to-day operations of the treasury. 4. What is needed to activate and what are the key procedures when activating the disaster recovery plan.
Keywords:
TNM; treasury; break; treasury operation; staff; business continuity; disaster recovery; business continuity and disaster recovery plan; operational risk; operational risk management; treasury operations; command center; Ministry of finance; risk management unit; central bank; treasury staff; staff whereabouts; ORM framework; build treasury resilience; Credit risk; Commercial banks; Infrastructure
Cover Technical Notes and Manuals
Front Matter
Mr. Emre Balibek, Ian Storkey, and Hakan Yavuz

of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. JEL Classification Numbers: H63, H1, H12 Keywords: Business continuity planning, business impact analysis, operational risk management Author’s E-Mail Address: ian@storkeyandco.com , hknyvz@gmail.com , ebalibek@imf.org Publication orders may be placed online, by fax, or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. Tel. (202) 623–7430 Fax: (202) 623–7201 E

Keywords:
BCP template; State treasury; adequate business continuity plan
Cover IMF Staff Country Reports
Belize: Technical Assistance Report—Cybersecurity, Regulation, Supervision, and Resilience
International Monetary Fund. Monetary and Capital Markets Department
Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.
Keywords:
ISCR; CR; risk management; self-assessment guidance; cybersecurity governance; cybersecurity process; efficiency gain; cybersecurity resilience; cybersecurity regulation; incident reporting; guidance note; control environment; cybersecurity posture; incident management; cybersecurity innovation; cybersecurity guidance note; cybersecurity guideline; Cyber risk; Central bank bills; Operational risk; Internal audit; Securities; Global
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Monetary and Capital Markets Department

APSSS Automated Payment and Securities Settlement System BCM Business Continuity Management BCP Business Continuity Plan BIA Business Impact Analysis CBB Central Bank of Belize CISA Certified Information Systems Auditor CISSP Certified Information Systems Security Professional COBIT Control Objectives for IT CSC Cyber Security Committee DR Disaster Recovery ERM Enterprise Risk Management FSB Financial Stability Board IT

Keywords:
ISCR; CR; risk management; self-assessment guidance; cybersecurity governance; cybersecurity process; efficiency gain; cybersecurity resilience; cybersecurity regulation; incident reporting; guidance note; control environment; cybersecurity posture; incident management; cybersecurity innovation; cybersecurity guidance note; cybersecurity guideline; Cyber risk; Central bank bills; Operational risk; Internal audit; Securities; Global
Cover IMF Staff Country Reports
Republic of Poland: Financial Sector Assessment Program-Technical Note-Stress Testing and Systemic Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
This Technical Note on Stress Testing and Systemic Risk Analysis for the Republic of Poland discusses that Poland’s financial system is dominated by the banking sector, with significant state participation and foreign ownership. The banking system shows resiliency to adverse shocks in the aggregate, however, some other systemically important institutions (OSIIs) show weakness. While the adverse retail event had a limited impact, the wholesale event affected some large banks in the system. Interbank analyses showed that any destabilization to affiliating banks could cause severe distress to the affiliated cooperative banks. This finding strengthens the reasons for the authorities to address identified weaknesses in the affiliating banks. Moreover, banks large holdings of sovereign bonds and the substantial presence of state-controlled banks cause a significant sovereign-bank nexus in Poland. In order to avoid incentives for banks to hold sovereign debt, the Financial Sector Assessment Program team recommends that the Financial Institution Asset Tax is redesigned on grounds of both financial stability and efficiency.
Keywords:
ISCR; CR; sensitivity analysis; affiliating bank; bank default; credit exposure; funding cost; PFSA bank survey data.; stress tests; credit risk; PFSA bank survey data; sovereign-bank nexus; bank Funding Structure; bank linkage; FSAP risk analysis; aggregate use; medium-sized bank; Commercial banks; Cooperative banks; Liquidity requirements; Solvency stress testing; Stress testing; Europe; Global
Cover Technical Notes and Manuals
Gestión del riesgo operacional y planificación de la continuidad de las operaciones para tesorerías estatales modernas
International Monetary Fund
Las Notas Técnicas y Manuales son preparados por los departamentos del FMI con el fin de difundir sus recomendaciones de asistencia técnica entre una audiencia más amplia. Estos estudios presentan recomendaciones y orientaciones de carácter general, extraídas en parte de informes de asistencia técnica que no se han publicado. Esta nueva serie se publica desde agosto de 2009.
Keywords:
TNM; treasury; break; treasury operation; staff
Cover IMF Staff Country Reports
Republic of Poland: Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment discusses the findings of the IMF mission regarding assessing stability and performance of Polish financial systems. The banking system in the aggregate shows resilience to adverse shocks, although some medium-sized banks appear weak. For the financial system, sovereign-financial institution linkages have increased, while exposures to foreign-exchange mortgages have declined. Important shortcomings have been identified in prudential oversight reflecting budgetary constraints and a governance framework that compromises operational independence. Arrangements for crisis management are generally sound, although measures are required to strengthen the independence of the Bank Guarantee Fund and powers of the Polish Financial Supervision Authority. The Polish authorities have welcomed the IMF’s and World Bank’s comprehensive review of the supervisory and regulatory framework in Poland and provided feedback for every recommendation made in the report.
Keywords:
ISCR; CR; capital ratio; interest rate; credit risk; financial institution; increase PFSA independence; PFSA supervision; PFSA governance; PFSA board; Credit bureaus; Cooperative banks; Commercial banks; Capital adequacy requirements; Financial sector stability; Global; Eastern Europe; Europe
Cover Departmental Papers
Cybersecurity Risk Supervision
Tamas Gaidosch, Frank Adelmann, Anastasiia Morozova, and Christopher Wilson
This paper highlights the emerging supervisory practices that contribute to effective cybersecurity risk supervision, with an emphasis on how these practices can be adopted by those agencies that are at an early stage of developing a supervisory approach to strengthen cyber resilience. Financial sector supervisory authorities the world over are working to establish and implement a framework for cyber risk supervision. Cyber risk often stems from malicious intent, and a successful cyber attack—unlike most other sources of risk—can shut down a supervised firm immediately and lead to systemwide disruptions and failures. The probability of attack has increased as financial systems have become more reliant on information and communication technologies and as threats have continued to evolve.
Keywords:
DPPP; DP; supervised firm; cybersecurity risk; ICT system; recovery plan; shape firms' cybersecurity capability; risk assessments; cyber crime; technology firm; risk supervision; risk profile; data life cycle; Cyber risk; Operational risk; Information technology in revenue administration; Financial sector; Financial sector stability; Global
Cover IMF Working Papers
Operational Resilience in Digital Payments: Experiences and Issues
Mr. Tanai Khiaonarong, Mr. Harry Leinonen, and Ryan Rizaldy
Major operational incidents in payment systems suggest the need to improve their resiliency. Meanwhile, as payment infrastructures become more digitalized, integrated, and interdependent, they require an even higher degree of resilience. Moreover, risks that could trigger major disruptions have become more acute given the rise in power outages, cyber incidents, and natural disasters. International experiences suggest the need to strengthen reliability objectives, redundancies, assessment of critical service providers, endpoint security, and alternative arrangements
Keywords:
Operational resilience; payment systems; risks; disasters; business continuity; disruption scenario; payment infrastructure; business continuity arrangement; tandem payment processing design; payments experience; Payment systems; Operational risk; Cyber risk; Natural disasters; Infrastructure; Global