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Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
International Monetary Fund
Periodic Monitoring Reports (PMRs) were established by the Executive Board in January 2007 to ensure the systematic monitoring of those IEO recommendations that the Board has endorsed. The first PMR was discussed by the Executive Board in January 20081 and the second PMR was discussed by the Evaluation Committee (EVC) in November 2008.2 This third report updates the status of the performance benchmarks related to IEO evaluations covered in the first and second PMRs and listed in Periodic Monitoring Report on the Status of Implementation Plans in Response to Board-Endorsed IEO Recommendations, Table 5. It also updates the implementation status of the management implementation plan (MIP) for Board-endorsed recommendations stemming from the IEO evaluation of "Structural Conditionality in IMF-Supported Programs."
International Monetary Fund

carefully examined in the coming year A more strategic and targeted approach to mobility was introduced to support crisis departments through centrally-managed transfers of mid-career staff to crisis departments. The expectation, however, is that staff should serve at least two years in an assignment before moving. III. Conclusions 7. All key performance benchmarks related to the MIPs covered in this report have either been met or are on track for timely completion, and no new remedial actions are proposed . There are no outstanding performance

International Monetary Fund

, this means that a political appointee under the secretary generally makes debt management decisions with the advice of career staff. The Secretary of the treasury can invest in the treasury’s own securities or in commercial bank deposits secured by a broad range of pledged collateral acceptable to the treasury, including obligations of the U.S. government and private issuers. As part of its cash management, the treasury maintains relationships with a large number of commercial banks that help to absorb its large seasonal swings in cash balances. Congress sets a

International Monetary Fund. Independent Evaluation Office

macroeconomic stability issues, experts in fintech and cyber security, and staff with private sector and market experience. To address the membership’s demand for more and deeper financial surveillance, the IMF will need to consider ways to improve incentives to help attract, develop, and retain more financial talent. The IMF has been trying to recruit more entry-level and mid-career staff with these qualifications, but progress has been constrained by low staff turnover and stiff competition from central banks, regulators, the private sector, and academia. A significant

Mr. John Mendzela

outsiders: Change was driven and shaped by newcomers to central banking. These change agents had wide fields of action, with direct access to the Governor and the Board. The influence of wider experiences and different styles was dramatic and highly positive. This was widely recognized, despite some dissatisfaction from “career staff.” The principle of appointing the best person for the job, from inside or outside the central bank, is now established. Senior vacancies are often advertised externally. A number of current managers are “outsiders,” and other recruits are

Mr. Miguel Mancera, Mr. Paul A. Volcker, and Jean Godeaux

chairman has a shorter term—maybe that is appropriate too—but the basic board terms are very long to provide an element of independence in a nonpolitical orientation. People on the Federal Reserve Board are not looking for a political office; they are typically not looking for another job; that is their job, and that is what they have been professionally interested in. It is not at all unusual for a career staff person to be appointed to the Board of Governors; that is unusual in other departments. Very seldom does the head of a department, or the undersecretary, or

International Monetary Fund. Monetary and Capital Markets Department

deadlines imposed by Solvency II make auditing requirements appear impractical for quarterly filings, at least annual QRTs and the underlying systems and processes should be subject to an external audit. 11 65. The supervisory resources of the DFSA’s Insurance Supervision Department are stretched and should hence be expanded . With an overall staff level below European peers, the DFSA should further increase the number of insurance supervisors and specifically target mid-career staff. In particular, recruiting should include staff with actuarial, audit and accounting

International Monetary Fund. Monetary and Capital Markets Department
Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.
International Monetary Fund

seniority, qualification, and merit. Employment civil servants are directly selected and hired by ministerial departments on a transitory basis to perform temporary functions not reserved for career staff, but are subject to the same norms and requirements of career civil servants during their employment. Contract staff are hired for a maximum of twelve months on specific contracts subject to general labor legislation. Approved staffing levels for each ministerial department (in the three categories of employment) are defined and approved in the annual budget law but can