Departments

For the smooth functioning of the CBSL, the departments of the Bank are grouped into four key business areas, namely -Economic Policy Advisory Clustor, Financial Sector Regulation & Supervision Cluster, Capacity Building & Support Cluster and Risk Management & Compliance Cluster. The departments are headed by a Director (or equivalent), reporting to the Governor or a Deputy Governor through an Assistant Governor, while the Internal Audit Department reports directly to the Governor and the Monetary Board.

Economic Policy Advisory Cluster

Economic Research Department

    • Provide timely policy advise and recommendations to the Monetary Board and the senior management on monetary policy and other important economic policies with comprehensive monetary and economic analyses and assessment of risks arising from real, external and fiscal sector developments along with a comprehensive analysis of global developments.
    • Identify external vulnerabilities and shocks to the exchange rate and the Balance of Payments (BOP) and make timely policy recommendations to ensure viability and stability of the external sector. Monitor market developments to identify any pressure on the exchange rate and international reserves, and recommend appropriate policy measures to mitigate such pressure.
    • Identify any threat to domestic monetary stability arising from abnormal movements in money supply or price level and provide timely recommendations to maintain monetary stability. Closely monitor inflation, monetary and interest rate developments to recommend proactive policies to maintain price and economic stability.
    • Prepare statutory publications, other publications and policy statements with the assistance of other departments, including Annual Report, Recent Economic Developments and Road Map- Monetary and Financial Sector Policies.
    • Provide proactive policy advice and observations to the government, government agencies and other stakeholders on economic and fiscal sector related matters. This includes the submission of a confidential report (referred to as the September 15 Report), to the Hon. Minister of Finance, as stipulated in the Monetary Law Act and other confidential statutory reports.
    • Collect, compile and analyse data, including compilation of model based medium term macroeconomic projections, and conduct policy research for the guidance of the Monetary Board in formulating, implementing, and executing policies and disseminate information on economic developments to the public.
    • Compile and publish Monetary Statistics according to the Monetary and Financial Statistics Manual of the IMF.
    • Compile and publish interest rate statistics.
    • Compile and publish Balance of Payments (BOP), International Investment Position (IIP), external sector statistics and external debt statistics according to the Balance of Payment Manual (BPM6) of the IMF and coordinating data dissemination for Special Data Dissemination Standard [SDDS].
    • Compile and publish Merchandise Trade Statistics according to the internationally accepted data reporting standards.
    • Compile and publish fiscal sector statistics according to the Government Finance Statistics Manual of the IMF.
    • Collect, compile and analyse data related to international energy prices, agriculture, industry, and economic and social infrastructure sectors and conduct policy analysis/ research related to these sectors.
    • Function as the focal point of contact for multilateral agencies such as the IMF, SEACEN, SAARCFINANCE and facilitate government coordination with multilateral development agencies such as the World Bank and ADB. Also, maintain close contacts and provide macroeconomic updates to sovereign rating agencies and international investors.
    • Promote a research culture through research and knowledge sharing within and outside the Central Bank by conducting an annual international research conference, publishing the Central Bank’s flagship journal, the Staff Studies, and through collaboration with local and international research and academic establishments.
    • Provide resource persons for various seminars, conferences, workshops etc. within and outside the Central Bank.
    • Represent the Central Bank in numerous committees and boards of external institutions, which require the benefit of macroeconomic analysis.

Statistics Department

    • Forecast short term inflation and Gross Domestic Product (GDP) to facilitate monetary policy decision making process.
    • Conduct surveys to collect data to facilitate short term inflation and GDP forecasting process, i.e. Purchasing Managers’ Index (PMI) Survey for Manufacturing, Construction and Services activities, Inflation Expectations Survey, Transportation Survey, Business Outlook Survey, Credit Supply Survey, Credit Demand Survey, Condominium Market Survey and Public Sector Employment Survey.
    • Collect price data through Country Wide Data Collection System (CWDCS) and from 06 market centers on selected consumer food items to facilitate short-term inflation forecasting.
    • Compile indices, i.e. Provincial Consumer Price Indices, Wholesale Price Index, Wage Rate Indices, Retail Sales Volume Index, Total Factor Productivity, Property Price Indices for Lands, Condominiums and Houses, and Land Valuation Indicator.
    • Compile and publish Provincial Gross Domestic Product (PGDP) in nominal terms.
    • Compile and publish the Sri Lanka Prosperity Index (SLPI) to assess the overall prosperity of the country and its provinces.
    • Issue press releases on Inflation, PMI, PGDP, SLPI, Publications of Statistics Department and any other matters.
    • Publish Daily Price Report and disseminate official statistics through Daily, Weekly and Monthly Economic Indicators on a regular basis; and Data Library.
    • Engage in preparation of statutory reports, including Annual Report, Recent Economic Developments report and a confidential report (referred to as the September 15 Report) to the government.
    • Prepare “Economic and Social Statistics of Sri Lanka” and “Sri Lanka Socio Economic Data” publications on an annual basis.

Macroprudential Surveillance Department

    • Submission of quarterly financial stability assessment reports to the Monetary Board.
    • Submission of financial sector risk assessment reports to the Financial System Stability Committee and the Monetary Policy Committee.
    • Conduct of systemic stress tests to assess the resilience of financial institutions.
    • Development of models for assessing financial stability including assessment of interconnectedness and build-up of asset price bubbles.
    • Conduct systemic risks survey to assess the perceptions of market participants on financial system stability.
    • Coordinating work connected with financial sector reforms in consultation with relevant departments.
    • Provide secretarial services for Financial System Stability Committee (FSSC) and Financial System Stability Consultative Committee (FSSCC).
    • Preparation and publication of the Financial System Stability Review, on an annual basis.
    • Contribute to statutory and other reports, such as the CBSL Annual Report, September 15th Report and Recent Economic Developments.
    • Development of a time series of a core set of financial system stability indicators.
    • Development of a databases of key variables to assess the buildup of risk in the financial stability, in coordination with other departments in the CBSL and from external sources.

International Operations Department

    • Prudent foreign exchange reserves management in-line with the established strategic asset allocation framework while ensuring adequate liquidity, safety and return objectives. Activities relating to reserve management mainly comprise of;
      • Investments in foreign money market instruments, investments and trading in foreign fixed income instruments, cross currency and investments in gold,
      • Securities lending, repurchase and reverse repurchase transactions, FX swap and forward transactions,
      • Maintenance of liquidity in terms of liquid foreign currency assets to meet all known and prospective foreign currency obligations, and
      • Manage funds in the Deputy Secretary to the Treasury account on behalf of the Government.
    • Regular monitoring and timely reporting of performance of foreign exchange reserve management to the management of the CBSL. Main activities include;
      • Carry out all foreign counterparty correspondence with regard to foreign reserve management trading activities, and with respect to Know Your Customer / Customer Due Diligence compliance of foreign counterparties,
      • Annual review of existing foreign counterparties for their adherence/compliance to Anti Money Laundering / Combating the Financing of Terrorism (AML/CFT),
      • Process bilateral counterparty agreements/loans, swap arrangements with foreign Central Banks and other foreign financing related activities of the CBSL, and
      • Compilation of CBSL Reserves and Gross Official Reserve figures, Cashflow statement of the Reserves and timely monitoring and reporting of  performance of foreign reserves management activities of the CBSL.
    • Ensure orderly and smooth functioning of the domestic foreign exchange market. This contain activities such as;
      • Continuous monitoring of the foreign exchange operations of Licensed Banks and Authorized Money Brokers,
      • Managing excessive volatility in the exchange rate under disorderly market conditions through market based mechanisms,
      • Provide timely and effective information of the domestic foreign exchange market to the relevant stakeholders, and
      • Execute various market deepening activities.
    • Build-up foreign exchange reserves through non-borrowed sources.

Domestic Operations Department

    • Implementing monetary policy by conducting Monetary Operations:
      • Conducting active Open Market Operations (OMOs),
      • Regulating statutory reserves of Licensed Commercial Banks (LCBs)
      • Conducting liquidity operations as and when required to suit market conditions
    • Acting as the banker to commercial banks, acting as the banker and the official depository of the government, government agencies and other institutions.
    • Providing temporary advances (Provisional Advances) to the government.
    • Maintaining settlement accounts for participants of the Real Time Gross Settlement System (RTGS)
    • Providing intraday liquidity to the RTGS participants
    • Regulating Authorised Money Brokers

Information Technology Department

    • Improve and maintain ICT infrastructure.
    • Proactive involvement in major software application developments with integrated project management concept.
    • Assess and Prevent cyber-attacks and IT related security breaches.

Department of Foreign Exchange

    • Promoting and Regulating the Foreign Exchange in Sri Lanka (Current and Capital Transactions)
    • Formulating Regulations/Orders/Directions to operationalize required policies for foreign Exchange Management.
    • Revise Regulations/Orders/Directions as and when required.
    • Improve awareness of the Public/Stake Holders on Foreign Exchange Regulations /Directions.
    • Grant permission to engage in money changing business.
    • Monitor foreign exchange transactions reported by Authorized Dealers and Restricted Dealers and prepare reports on daily/monthly and quarterly basis.
    • Conducting investigations on non-compliances in terms of FEA.
    • Granting special permissions for the instances not covered under the current Regulations, Orders and Directions.

Currency Department

Ensure that the legal tender in Sri Lanka is available in adequate quantities and required quality to meet the public demand while preventing any counterfeiting.

In view of the above, following key functions are carried out by the currency department;

    • Issue currency notes and coins to meet the public demand.
    • Estimate future currency notes and coins requirement and carry out timely procurements.
    • Accept currency deposits from Licensed Commercial Banks (LCBs).
    • Maintain a public counter to exchange damaged currency notes.
    • Process currency deposited by LCBs and withdraw currency notes and coins which are not suitable for further circulation.
    • Assist law enforcement authorities to negate and prevent any attempts on counterfeiting legal tender.
    • Conduct public awareness programs to enhance public knowledge on security features of currency notes and proper handling of currency notes and coins.
    • Improve the quality of currency notes by introducing new security features as and when required.
    • Issue commemorative notes / coins to mark a special event or a person.

Communications Department

    • Strengthen communication via print and electronic means to meet expectations of stakeholders and monitor reporting/ reviews.
    • Adhere to National Language policy in Communication.
    • Serve the general public effectively by providing information under the “Right To Information Act (RTI)” and “Tell to President Grievance Handling System”.
    • Enhance employees’ writing skills, improve the quality of the CBSL publications and create public awareness on CBSL policy outcomes, functions, programmes on Regional Development and other related matters through publications and represent the CBSL in national level exhibitions to create awareness and sell/distribute CBSL publications.
    • Design and page setting work related to publications, leaflets, posters, banners, cover pages, and brochures on request of departments of CBSL.
    • Coordinate and conduct public awareness programmes, seminars and other educational programmes for school and university students and professionals on Economics, Banking and Finance and other activities related to the CBSL.
    • Ensure providing efficient printing/ publishing of statutory reports and departmental requirements.
    • Conduct Open Day programme with assistance of Regional Offices to enable stakeholders outside Colombo, (public, financial institutions, government sector etc.) to access services provided by CBSL and improve reputation of the Bank.
    • Organize the TV Quiz programme - Econ-Icon.
    • Monitor media reports regularly and submit CBSL related news to the management and disseminate Press Releases to all staff.
    • Cover important events through Photography and videography.
    • Raise human capital and capacity building of staff of CBSL as well as stakeholders and bridge their knowledge needs.
    • Identify knowledge requirements of the CBSL and its stake holders and acquisition.
    • Process knowledge assets and distribution.

Financial Sector Regulation & Supervision Cluster

Bank Supervision Department

    • Formulating and issuing prudential regulations to licensed banks.
    • Reviewing and amending the relevant Acts and regulations in line with current market developments, international standards and best practices.
    • Licensing of commercial banks and specialised banks in Sri Lanka.
    • Conducting continuous supervision of licensed banks.
    • Conducting periodic statutory examinations of licensed banks.
    • Processing and facilitating requests for regulatory approvals from licensed banks.
    • Initiating regulatory actions where necessary with the approval of the Monetary Board.
    • Facilitating market driven consolidation of licensed banks.
    • Strengthening communication with banks, Auditors and other relevant stake holders.
    • Assisting in capacity building in the banking sector.

Supervision of Non-Bank Financial Institutions

    • Strengthen the supervisory process of NBFIs, Licensed Microfinance Institutions, Primary Dealers.
    • Review and amend the relevant Acts and streamline the existing regulatory framework of NBFIs with holistic view, issuing new regulations in line with current market developments.
    • Promote consolidation of NBFIs and Strengthen the business operations of NBFIs.
    • Develop a policy framework for Prompt Corrective Action of NBFIs.
    • Curtail the unauthorized finance business and leasing business.
    • Facilitate the financial inclusion strategy and financial customer protection framework.
    • Strengthen the communication with NBFIs, auditors and other regulatory agencies.
    • Enhance competencies of the staff of SNBFI and NBFI sector.

Public Debt Department

Public Debt Department (PDD) is accountable for discharging statutory responsibilities of the Central Bank, as the agent of the Government for management of public debt in terms of section 113 of the Monetary Law Act (MLA). The key objectives and functions of the PDD includes;
    • Formulation, implementation, and advice of a sound debt management strategy to improve the debt profile of the Government ensuring that the Government’s financing needs are met at the lowest possible cost at a prudent level of risk.
    • Developing the government securities market, deepening and broadening the secondary market for government securities thereby enhancing the effectiveness of primary auction participation for government securities while adhering to best standards of practices in transparency of government securities market
    • Raising funds in line with the gross borrowing requirement of the Government as per the Appropriation Act or other relevant legislations/ authorisations from issuance of debt securities both domestically and in the international capital market in concurrence with the Ministry of Finance
    • Facilitate for maintain the unblemished debt service payment record of the Government by servicing debt accurately and on time
    • Maintaining the title registry of government securities in the Central Depository System
    • Maintaining the LankaSecure system in order to facilitate smooth functioning of the settlement of market transactions in government securities.
    • Undertaking analytics on debt dynamics for risk management of the central Government debt portfolio.

Resolution & Enforcement Department

    • Initiate resolution of identified distressed financial institutions.
    • Develop new systems and procedures to identify, assess and monitor financial institutions to evaluate the necessity of intervention.
    • Develop new legal frameworks or amend existing laws for effective and efficient resolution and enforcement.
    • Identify and make enforcement over unauthorized financial institutions and/or prohibited schemes.
    • Maintain, administer and execute of the Sri Lanka Deposit Insurance and Liquidity Support Scheme.

Security Services Department

    • Strengthen perimeter security of the CBSL premises.
    • Strengthen Security for Cash in Transit Operations.
    • Conduct surveillance and security checks within CBSL establishments.
    • Manage Fire Prevention system to mitigate the risk of fire at CBSL establishments.
    • Assist Business Continuity Plan.
    • Liaise on with Defense Ministry and related institutions for security matters.
    • Conduct training programs for security staff and employees on security matters.
    • Manage entry / exit for CBSL premises.

Finance Department

    • Prepare monthly and annual financial statements of the CBSL in compliance with MLA and IFRS.
    • Prepare the annual budget of the CBSL linking the action plans of the respective departments under the strategic plans.
    • Make payments to external suppliers of the CBSL and internal parties including the CBSL Staff within budgetary provisions.
    • Repayment of foreign loans and disbursement of foreign funds timely and accurately.
    • Maintain the system of staff welfare loan recoveries in timely manner.
    • Make investments and settlements of internal investment funds of the CBSL in a prudent manner subject to acceptable risk norms and as per the approved Investment Policy Statement and Investment Guidelines applicable for the Funds.
    • Prepare annual financial statements of superannuation funds, which are maintained separately from the CBSL Balance Sheet, in compliance with the Sri Lanka Financial Reporting Standards (SLFRS) and international best practices.
    • Procurement/disposal of goods and services to/of the Bank in most economical and beneficial way to the Bank.
    • Conduct physical verification of fixed assets of the Bank and updating the Fixed Assets Register and enhance the effective internal controls on financial reporting.

Payments & Settlements Department

    • Facilitate the developments of payment and settlement infrastructure and analyze proposals for new payment systems/ mechanisms and make recommendations.
    • Issue Regulations, Directions, Guidelines, Circulars and other legislative documents and review and revise such documents when necessary.
    • License eligible service providers to act as service providers of payment cards and/or mobile payment systems and supervise / oversee the compliance of the service providers with the Regulations and Guidelines on payment cards and mobile payment systems.
    • Collect, compile and analyze data on Payment ad Setlement System (PSS), dissemination of information on payment and settlement systems, publishing the “Payments Bulletin” on a quarterly basis, conducting awareness programs for the general public and handling public queries on payment and settlement systems.
    • Promote payment system stability and efficiency through developing/ adopting new initiatives and concepts as per the decisions taken by the National Payment Council (NPC) which is the highest decision-making body for the payment systems in the country and ensure the implementation of approved action points of the NPC Payment Systems Road Map.
    • Administration of the Regulatory Sandbox.
    • Ensure smooth operations of Payment Systems with timely availability of the system for participating institutions for effecting payments and settlements on each business day.
    • Conduct BCP activity on payment systems, operations of LankaSettle (which is the Large Value Payment System and Scripless Securities Settlement System of Sri Lanka) participants and service providers such as LankaClear (Pvt) Ltd.
    • Settle all Forex, money market, derivatives, metal, third currency FX and fixed income securities transactions accurately on time, monitor the bond maturity receipts and coupon income of fixed income securities related to foreign reserve management of International Operations Department (IOD) and Asian Clearing Union (ACU) transactions carried out by the ACU Division of PSD and Settle all ACU transactions accurately on time.
    • Reconciliation of Nostro & Custodian Accounts and Performance Analytical Tool (PAT-II) system against Treasury Management System (TMS).
    • Ensure uninterrupted communication through incoming and outgoing SWIFT messages to effect payments smoothly.
    • Participate at the meetings conducted by the SAARC Payment Council (SPC), SEACEN, ACU Board of Directors meetings and Technical Committee meetings etc.

Financial Consumer Relations Department

Financial Consumer Relations Department (FCRD) was established under the provisions of Section 33 of the Monetary Law Act No. 58 of 1949, as amended (MLA). The entities regulated by CBSL that comes under the purview of FCRD will be Licensed Commercial Banks, Licensed Specialised Banks, Licensed Finance Companies, Specialized Leasing Companies, Primary Dealers, Participants of Payments and Settlement Systems.

    • In the short term, FCRD will be serving as a single point of contact for receipt and dissemination of all external complaints and grievances directed by consumers of CBSL regulated entities.
    • In the medium term FCRD will focus on,
      • supervising standards of market conduct of financial institutions,
      • review financial consumer protection policies in line with the local and international market developments and best practices,
      • taking proactive and reactive measures with respect to malpractices, misconducts whilst identifying and monitoring emerging vulnerabilities in the financial consumer protection related issues.

Capacity Building & Support Cluster

Human Resources Department

    • Recruit necessary staff at regular intervals or at appropriate times depending on the requirements of the Bank with the approval of the MB.
    • Conduct mentoring sessions/orientation programs for relevant categories of employees.
    • Outsource specific services as per the requirements of the Bank.
    • Carry out Performance Evaluation for employees.
    • Implement grade and class promotion schemes.
    • Implement the annual job rotation scheme for employees.
    • Maintain continuous dialogue between the Management and Trade Unions.
    • Facilitate and coordinate the provision of internship training to be given for undergraduates.
    • Coordinate the provision of training to be given for students of ICASL.
    • Attend to other work and Administrative matters of the Department.
    • Prepare the Training and Development Plan including the critical competency gaps of the employees of the Bank.
    • Facilitate the staff for postgraduate studies local and foreign.
    • Facilitate the staff for short-term foreign and local training opportunities.
    • Organize Training Committee meetings to take decisions on the matters relating to Training & Development.
    • Organize training sub-committees to facilitate the officers to fulfill the post training requirements.
    • Facilitate the staff to acquire professional qualifications/memberships from reputed local and international institutes.

Regional Development Department

    • Ensure access to finance for the Micro, Small and Medium Scale Enterprises (MSMEs) through the credit support schemes implemented by the Central Bank of Sri Lanka (CBSL) with the assistance of Government of Sri Lanka (GOSL) and other Government Institutions/Agencies and/or Foreign Agencies.
    • Fill the knowledge gap pertaining to financial literacy of general public including the new and existing entrepreneurs engaged in economic activities to enable them to make informed decisions on matters relating to banking, financial and technical aspects of their businesses.
    • Develop and implement a National Financial Inclusion Strategy for Sri Lanka.
    • Encourage MSMEs including individuals and self-employed in all economic sectors for production oriented economic activities by ensuring availability of affordable financial services.
    • Deliver the services offered by the CBSL to the regional level through Regional Offices (ROs) of CBSL.
    • Strengthen the administration, supervision and monitoring of activities of ROs.
    • Organize/conduct awareness programmes on the role of CBSL, monetary policy, fiscal policy and other relevant topics to the general public.
    • Support/assist in transforming villages as green villages using modern technology and good agriculture practices for sustainable development.
    • Monitor MSMEs facilitated under the credit support schemes implemented by the CBSL and conduct field visits to identify regional issues and new business opportunities.

Centre for Banking Studies

    • Offer a wide range of capacity building programmes including seminars, and workshops in the areas of central banking, banking and finance, economics, management, languages and information technology for the officers of the central bank and the other financial institutions in the country with local and international resource personnel.
    • Offer international trainnig programmes in collaboration with international organizations such as South East Asian Central Banks (SEACEN) Research and Training Centre, Asian Development Bank (ADB), International Monetary Fund (IMF), foreign central banks and other international training institutions.
    • Formulate the Faulty Advisory Committee (FAC) which would act as an advisory body to the CBS relevant to the curriculum development activities on conducting training programme.
    • Present its programme calendar on annual basis which is designed in par with present and future training needs of the professionals within the financial sector.
    • Offer a wide range of special programmes considering the specific training needs and compliance requirements of the industry in order to bridge the skills and knowledge gap in the key areas of the financial services industry.
    • Conduct a structured high-level seminar targeting senior officials from CBSL, relevant ministries, university lecturers to be conducted by an international expertise.
    • Revisit and design training programmes, seminars and workshops in par with new technological developments to empower professionals in the financial sector.
    • Conduct training need surveys and discussions with professionals in different fields particularly, within the banking and financial industry.
    • Conduct numerous seminars, workshops for school students, teachers, university students & academia at regional level within the country in collaboration with several departments of CBSL.
    • Telecast series of educational programmes in Sinhala and Tamil Languages mainly targeting the Advanced Level students who are learning Economics.
    • Conduct Public Awareness programmes regularly on contemporary economic matters with reputed local and foreign experts to enhance the financial literacy of the general public.
    • Provide residential facilities (CBS Hostel) for CBS programme participants, participants of residential programmes, officers of government and financial institutions on official request.
    • Provide logistics to government and financial organizations to conduct official events

Staff Services Management Department

    • Approve and grant of housing loans.
    • Approve and grant Provident Fund and Staff Benefit Scheme loans.
    • Enable convenient access to accurate information on the granting loan, recovery of loans granted under SH(M)LS to provide timely and quality service to employees and pensioners.
    • Reimburse medical expenses of employees, pensioners at their request and provided a prompt service in terms of information dissemination and medical bill reimbursements.
    • Update the MBS database with new enrolments.
    • Provide efficient Medical Centre services to the bank staff on duty.
    • Provide tasty and nourishing breakfast, lunch and meet special departmental requests for food and beverages.
    • Improve and upgrade the welfare services to provide quick services to employees.
    • Extend facilities under Death Donation Scheme, Death Relief Fund, Distress Relief Fund, Disaster Relief Fund and Investment / supervision of Distress Relief Fund, Death Relief Fund and Death Donation Scheme.
    • Implement Group Personal Insurance Policy to cover against accidents to all employees  for 24 hours.
    • Carry out control measures to minimize financial, operational & other risks (improve efficiency) in departmental activities.
    • Budgetary preparation, Goal settings, Performance evaluation, Progress reports, Strategic planning and other Administration Activities.

Employees' Provident Fund

    • Enhance the institutional capacity to ensure effective and efficient fund management.
    • Identify new investment opportunities and maintain appropriate asset allocation to generate highest level of risk adjusted return.
    • Review and rebalance the portfolio to be in line with target asset allocation and trade in the secondary market in fixed income and equity considering the behavior of the yield curve, market liquidity, market sentiments and other macroeconomic factors.
    • Improve the framework for managing financial risks.
    • Improve web based ICT technologies to link employers, employees and other stakeholders.
    • Enhance the quality of existing database and expedite the process of upgrading of a Member Centric Database (MCD) Linked using the NIC number for both EPF Department and Department of Labour (DL).
    • Improve awareness among stakeholders on EPF operations to improve the level of service delivery and execute a comprehensive programme to maintain complete, accurate and updated member database.
    • Issue half yearly member account statements and issue member balance certificates for housing loan.
    • Submit Annual Accounts to the Monetary Board, MOL, and MOF and publish the accounts in Newspapers.
    • Verify the accuracy of EPF collections and refunds and other transactions.
    • Settle defaulted housing loan installments to the lending institutions and respond to member inquiries in expeditious manner.
    • Submit information to the Auditor General’s Department to conduct the External Audit of EPF and compilation of audit responses.
    • Submit and disseminate data/information to stakeholders.
    • Conduct internal audit meetings with Internal Auditor and conduct progress review meetings with Labour Department.
    • Expedite the process of upgrading of a Member Centric Database (MCD) Linked using the NIC number for both EPF Department and Department of Labour (DL).
    • Procure all stationery items,computer equipment, office equipment & furniture and fittings as
      required by the department timely and procure outsourced services to enable the department to enhance the efficiency and support to smooth functioning of the Department.
    • Coordinate with other departments of the CBSL and institutions to achieve the goals of EPF Department.

Secretariat Department

    • Prepare the Annual Procurement Plan and ensure procurement of goods and services according to the plan.
    • Maintain the stationery store.
    • Assist procurement related matters of other departments.
    • Carry out activities related to the Board of Survey and coordinate disposal of unnecessary obsolete documents, stationery and other noncapital items of the Bank.
    • Obtain a comprehensive Insurance cover for CBSL assets at a competitive price after assessing individual risks of these assets.
    • Assist Bank employees who are going abroad on official and/or private visits.
    • Handle leave and other general administrative matters of the Bank.
    • Facilitate the training and skills development of Bank employees.
    • Carry out mailroom activities and conduct commemorative events.
    • Pay superannuation benefits and handle other matters related to superannuation schemes.

Facilities Management Department

    • Comprehensive Refurbishment and Retrofit of CBSL Head Office Building to enhance the structural soundness, service quality and overall efficiency.
    • Renovate/Reconstruct CBSL buildings.
    • Install/upgrade Generators, Elevators and other electric equipment.
    • Attend event management and provide communication services.
    • Manage service agreements while enhancing the quality.
    • Provide critical services (electricity, lighting, air conditioning and drinking water) under regular inspection and supervision.
    • Facilitate procurement activities as required.
    • Provide transport services safely and punctually with CBSL and outsourced vehicle providers to meet day to day demand.

Governor’s Secretariat Department

Risk Management & Compliance Cluster

Internal Audit Department

    • Follow Global Standards for the conduct of Internal Audit.
    • Compile flexible Annual Internal Audit Plan.
    • Conduct of Audits.
    • Conduct of Special Audits instructed by the Governor, Monetary Board and the Monetary Board Advisory Audit Committee.
    • Report Audit results to the Monetary Board and Monetary Board Advisory Audit Committee (AAC).
    • Submit Audit results to Superintendent of National Audit Office through AAC and directly as and when requested.
    • Submit Audit Reports to the Ministry of Finance.
    • Facilitate AAC activities.
    • Conduct of Quality Assessments.

Policy Review & Monitoring Department

    • Conduct the Strategic Planning Retreat to formulate strategic priorities and departmental action plans to achieve the objectives of the Bank.
    • Conduct periodic reviews and Task Force meetings to monitor and assess the progress made in achieving strategic priorities and implementing departmental action plans.
    • Report the progress made and any observations and recommendations to the Corporate Management Committee and to the Monetary Board in order to ensure timely and effective achievement of the objectives of the Bank.
    • Provide an independent assessment on the outcome and impact of selected policies related to the strategic priorities.

Legal & Compliance Department

    • Provide legal input to the internal and external stakeholders on matters of national importance at the level of policy formulation and relating to strategic priorities/targets including the operational activities of the Central Bank.
    • Ensure the contemporariness of the legal and regulatory framework relating to institutions licensed by the Central Bank by drafting new legislations, regulations and subsidiary regulations and reviewing of existing statutes/new statutes to be issued by the Monetary Board of the Central Bank.
    • Handling litigations filed for and against the Central Bank in order to safeguard its legal interests.
    • Handling proceedings under the Right to information Act.

Risk Management Department

Monitoring Financial Risk
    • Developing policies and guidelines such as Strategic Assets Allocation (SAA), Investment Policy Statement (IPS) and Investment Guidelines (IG) for International Reserves (IR), Internal Investment Funds (IIF) and Employees’ Provident Fund (EPF).
    • Independently monitoring credit and market risks pertaining to the fund management activities of IR, IIF & EPF.
    • Monitoring the adherence to the relevant policies and guidelines relating to the IR, IIF & EPF.
    • Reporting credit and market risks to the respective Investment Oversight Committees (IOCs) on monthly basis, Board Risk Oversight Committee (BROC) and Monetary Board (MB) on quarterly basis.

Monitoring Non-Financial Risk

    • Implementing the risk assessment framework across all departments of the CBSL and facilitating Operational Risk Assessment of the departments.
    • Managing the Incident Reporting System of the CBSL.
    • Escalating operational risks and incidents reported by departments to Non-Financial Risk Management Committee (NFRMC) and the Board Risk Oversight Committee (BROC) as may be relevant.
    • Updating/ Reviewing Risk Management Policy Statement, Operational Risk Management Guidelines, Guidelines for Incident Reporting System.
    • Conducting Survey to identify key operational risks impacting the CBSL and review the Operational Risk Taxonomy.

Financial Intelligence Unit

    • Receiving Cash Transactions Reports (CTR), Electronic Fund Transfers (EFT) and Suspicious Transaction Reports (STR) from all reporting institutions.
    • Analysing the data collected to identify financial trails to support prosecution. The analysis of data is mainly in three forms; tactical, operational and strategic.
    • Dissemination of information locally and internationally since money laundering and terrorist financing are often cross-border activities.
    • Issuing rules to the financial and other reporting sectors on customer identification and record keeping.
    • Conducting examinations to ensure compliance of the financial and other reporting sectors on AML/ CFT rules issued by the FIU.
    • Conducting programmes to enhance awareness among all stakeholders regarding AML/CFT measures.
    • Conducting research/link analysis on the trends of money laundering and terrorist financing and strategies for the development of efficient preventive measures.