KPMG’s Central Banking practice engages actively with the world’s central banks, helping formulate and implement strategies and improve performance.
Creating a world class central bank examines the seven major priorities facing central banks and showcases a number of impressive examples of how KPMG has worked with central banks around the world.
- Stepping up governance, risk management and internal controls
Central banks should raise the bar in terms of independence, expertise and professionalism, to set an example to other institutions and ensure the smooth running of the economy.
- Supervising stability and regulatory compliance
Regulatory oversight has risen in importance, and central banks have to spot systemic or institutional weaknesses and reassure financial markets.
- Overseeing payment systems
Whether overseeing national or commercial payment systems, central banks need to address any weaknesses to preserve economic stability and maintain confidence.
- Optimizing technology and processes, protecting integrity and tightening up security
A central bank’s IT systems are critical to the efficient functioning of the national economy.
- Reliable, efficient out- and in-sourcing
An increasingly wide range of business and back-office activities are outsourced, so central banks have to rigorously assess and monitor the performance of third party providers.
- International cooperation and currency unions
Membership of a currency union calls for common standards, operations and procedures.
- Accountability and transparency
High quality, external financial reporting – in the form of audited financial statements – is a vital tool to demonstrate integrity, accountability and transparency.
KPMG’s team has a wealth of industry experience and specialist knowledge, tapping into a global network of over 34,000 financial services professionals. We have worked with central banks in mature and emerging economies, and have close relationships with many major market players, regulators and leading industry bodies. Our Regulatory Centers of Excellence help shape the latest regulatory developments, while our Financial Services High Growth Markets network champions new innovations, and coaches and challenges financial institutions and their boards on appropriate strategies and operations.