Dear Delegate,

Long gone are the days when central bankers managed simply by offering lifetime careers in an institution that outsiders knew little about. Now, central banks not only compete for a diverse range of talented specialists in increasingly international labour markets, but they also need above all to be increasingly transparent and fully accountable.

At a time when the world of central banking continues to evolve rapidly, this seminar allows participants to benchmark their management styles and policies against those of their peers and pool precious experience.

By showing how leading central banks have tackled the challenges of management for a new century, this course aims to demonstrate why, how and where they have succeeded in reform and renewal – whether it be upgrading governance or strategic planning, or managing internal or external reforms.

The programme has been designed to be relevant to the full range of central banking environments by stressing both common core principles and key practical differences.

Interactive workshop sessions, led by central bank specialists,  explore how governors, advisers and project teams can work together to develop strategic approaches to change. And, crucially, how these strategies can be implemented successfully.

Detailed case studies show how central banks have in fact tackled such daunting projects as: modernising policymaking processes, taking on new roles, reorganising, streamlining or outsourcing functions, setting and monitoring performance targets, ensuring adequate control of costs and spurring national financial sectors to greater efficiency and competitiveness.

The format of each session encourages participating supervisors and central bankers to share experiences and analysis from their home jurisdiction and to exchange views with their peers in an informal setting.

Since 1999, over 1,400 central bankers and supervisors have attended roundtable seminars hosted by Central Banking Publications Ltd, publishers of Central Banking journal and the groundbreaking study on central bank reform, Central Bank Modernisation.

For more information about the programme, please take a few moments to look at the detailed course contents presented on the pages that follow.

I look forward to welcoming you to Windsor.

Yours sincerely,

Robert Pringle
Managing Director, Central Banking Publications

Sunday, 30th March

Registration and Welcoming Dinner

Monday, 31st March

Identifying the Drivers of Change
Chairman: John Mendzela

How leaders attract, retain and motivate talent
Shelley Crofts
Senior Consultant, Financial Services Sector, the Hay Group

Without cultural change, any organisational change will be short lived. However, change can be painful and some stakeholders will suffer. Senior officials, up to the level of the governor, must effectively manage change. How organisational cultures can be changed, with a particular emphasis on how managers and executives can retain and motivate staff in increasingly competitive global labour markets, will be the focus of this session.

New tasks and responsibilities
Speaker to be confirmed

This session identifies some of the key external challenges facing central banks, and examines how governance changes and new management practices in leading parallel organisations can raise standards. Central banks must adopt best practices in many areas such as corporate governance, risk management, information technology and talent management, if they are to maintain effectiveness in a globalising world and retain the approval of their stakeholders.

The role of technology in modern central banks
Hans-Gert Penzel
Director General, Information Systems, European Central Bank

As more and more central bank staff become “knowledge workers” and processes become every more reliant on technology, the effective deployment of this technology is increasingly critical. Few change projects are without a technology dimension, and many are entirely dependent on new systems. Yet the investment required, both in terms of capital expenditure and training for staff, can amount to a significant outlay for a central bank. This session examines how banks can approach these issues, with particular emphasis on IT governance.

Key issues for participants
Workshop led by John Mendzela, Managing Director, Mendhurst Associates

This workshop builds on the experiences of participants in their home institutions. Each delegate will talk briefly about the key issues that are presenting them with challenges at their central bank or regulatory agency. Through discussion, delegates will have an opportunity to benefit from each other’s expertise and experience.

Tuesday, 1st April 

Making Change Happen
Chairman: John Mendzela

Re-evaluating functions: what should central banks do?
David Archer
Head of Central Banking Studies, Bank for International Settlements (invited)

The journey towards institutional reform must begin with a strategic review of what roles and functions a central bank will need to perform in future. As a country’s economy develops, what tasks remain appropriate for the central bank to carry out? What new ones should it take on and what should it relinquish? This session will consider the practicalities of the review process and how senior management can put this into effect.

Linking outputs to objectives: effective models for strategic planning
François Van Zyl
Head of Strategic Management, South African Reserve Bank

While a strategic vision of institutional objectives is critical, change occurs in the implementation, rather than the formulation, of strategy. Outputs must be linked to strategic goals. This requires a top-to-bottom realisation that departmental goals must serve strategic objectives. Senior management involvement and support is of course integral to this process. The speaker will show how the strategic planning function can practically help management formulate, implement and evaluate strategy across the institution as a whole. 

Involving outsiders: using external expertise and outsourcing
Semming Austin
Assistant Director, Norges Bank

Pressure to increase efficiency or sharpen organisational focus is leading many central banks to outsource non-core functions. Often it is technology-intensive areas that are evaluated for outsourcing. This session examines the key factors that are important for central banks to consider when drawing on external expertise. Discussion will focus on organisational, personnel-related and management issues, and how the lessons can be applied elsewhere.

Performance management of work units and people
Iain Thomson
Former Head of Training and Development, Bank of England

Without objective management data and specific measurable targets, change programmes fail. Conversely, the creation, use and development of management information systems, in particular those which deliver financial and budgetary information, can act as a powerful catalyst for organisational reform. The unique roles and functions of central banks make performance measurement and the provision of effective management information far from straightforward, but not impossible.

Wednesday, 2nd April

Case Studies in Central Bank Modernisation
Chairman: John Mendzela

Achieving a core function
Pether Burvall
Deputy, Administration Department, Sveriges Riksbank

Increasingly, central banks are improving efficiency and focusing on core activities. In recent years, the Riksbank has tried to refine its activities to focus on analytical work in the fields of monetary policy and financial stability. During this process the central bank’s former operations in the fields of cash management and production of statistics have been transferred to other bodies. Staff numbers have fallen by more than 40% over ten years. Departments have been merged and new governance structures have been created to underline departmental responsibility for daily activities. Drawing on the Riksbank’s experiences, this session explores some of the key prerequisites and techniques for successfully refocusing towards core functions.

Managing liberalisation and change
Lionel Van Lare Dosoo
Deputy Governor, Bank of Ghana

Central banks in developing countries face a cluster of challenges and obstacles in their operations. Frequently they are required to develop and strengthen the private financial sector in parallel with modernising and reforming their own structures. This requires the same disciplines of project management, strategic focus and active leadership. This speaker examines how the Bank of Ghana has tackled these twin challenges.

Managing transition
Christian Popa
Deputy Governor, National Bank of Romania

The far-reaching and fast-moving changes to the economic landscape that transition economies face provide big tests for central banks. While institutions and skills may be in place, the rapidly-changing economy means they must be refocused and realigned with the evolving societal and economic needs. Yet such shifts in an institution can be potentially destabilising. This session looks at lessons learned in managing institutional change in transition economies.

Thursday, 3rd April

Summary session: key issues in managing the 21st century central bank
John Mendzela
Managing Director, Mendhurst Associates

Central banks need to take active advantage of a complex, technologically advanced and global “knowledge economy”. Project sponsorship and management become core skills, not just desirable ones. Organisational structures, internal support services, career paths and reward systems all need fresh thinking. Indeed the 21st-century central bank will need to go beyond effectiveness and efficiency and add a new virtue that we might call “exploration”, involving the ability to influence different issues in new ways. Building on the themes raised throughout the week, this session focuses on where central banks are succeeding or struggling with management change.

Participant issues and action plans
John Mendzela,
Managing Director of Mendhurst Associates

This final discussion session will maximise the practical benefit of the week's key themes and issues. Participants will identify and discuss how the experiences and ideas from earlier sessions could be specifically applied to their own institution's challenges.