Managing compliance and operational risk

Compliance in a central bank is something of a paradox since many compliance issues are typically customer-related - and central banks have very few customers, apart from the area of banknotes and coins. Furthermore central banks are not subject to supervision. However, this does not mean we are exempt from legislation, rules and standards. Moreover, central banks are generally expected to attach great importance to best practice regarding such legislation, rules and standards.

The purpose of th

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