Central Banking has announced the fourth tranche of winners of its fourth annual industry awards recognizing excellence in the central banking community. According to the statement released to the newsrooms, the awards were in the following categories:
- Central Bank of the Year: Bank of England
- Website of the Year: Central Bank of Kenya
- Risk Manager of the Year: Bank of Ghana
- Risk Management Services Provider of the Year: OpenLink
Drawing on 27 years of independent and informed reporting, analysis and comment, the Central Banking Awards were judged by a panel made up of members of the Central Banking Editorial Team and Editorial Advisory Board, which comprises former central bank governors from around the world.
A brief description detailing the rationale for the awards, reaction comments from Central Banking Awards Committee Chairman and Central Banking Editor-in-chief Christopher Jeffery, Central Bank of Kenya Governor Patrick Njoroge, Bank of Ghana Governor Dr Abdul-Nashiru Issahaku and OpenLink Chief Executive Officer John O’Malley can be found by scrolling down to the relevant sections.
Website of the Year: Central Bank of Kenya
In the year under review, the Central Bank of Kenya overhauled its website as the institution celebrated its fiftieth anniversary. With a large number of its visitors coming from mobile devices, the bank recognized it was time to adapt the site’s design to make it responsive.
Taking inspiration from central bank websites across the globe and extensive user feedback, the bank adopted a completely new layout with simplified rhetoric, aligning the design to international best practice. The streamlined design now highlights topics of interests as well as key statistics, including the annual inflation rate, interest rate and key exchange rates. Infographics have also been employed to offer more visual assistance for visitors.
Commenting on the award, Patrick Njoroge, Governor, Central Bank of Kenya, said, “In the redesign, the Central Bank of Kenya took into account the fact that the website is a key channel through which the institution seeks to provide diverse audiences with timely and accurate information on its mandate and policy actions. The new website was thus designed to offer an expanded range of features and content, consistent with the institution’s vision to be a world-class central bank in a vibrant financial sector.”
Christopher Jeffery, Chairman of the Central Banking Awards Committee and Editor-in-chief of Central Banking, said, “The Central Bank of Kenya’s impressive new website was the result of extensive research undertaken to ensure it met international best practice. The website went live in time for the central bank’s fiftieth anniversary, and is strongly geared towards Kenya’s burgeoning number of mobile device users.”
Central Bank of the Year: Bank of England
The Bank of England wins the award for Central Bank of the Year after navigating tricky political currents during the UK’s Brexit process. A series of reforms in recent years have shown both that the central bank is open to scrutiny and willing to change for the better, boosting transparency, forecasting, market operations and more.
Such an approach stood the central bank in good stead to defend itself from the hostile environment around the UK’s vote on European Union membership. Observers praised the Bank of England’s readiness to make improvements, and said the decision to launch monetary easing in August, while controversial, helped restore calm at a time of great uncertainty.
Risk Manager of the Year: Bank of Ghana
The Bank of Ghana set out on a journey to evolve its risk management practices to meet the requirements of rapidly changing conditions back in March 2011. The aim was not only to raise internal standards of risk management, but also to protect the central bank from emerging risks such as information security and fraud. During this overhaul, the central bank has built a dedicated risk function, instilling a strong risk management culture into business operations and protecting itself from emerging threats. Among the risk department’s most significant achievements over the past two years has been to work with operational areas to develop a series of risk registers that spans 26 separate departments across the central bank and allows individual business functions to identify the biggest risks they face.
Risk Management Services Provider of the Year: OpenLink
OpenLink has continued the evolution of its Findur software product with the development of collateral management functionality, notably supporting the Bank of Canada in its move towards collateral posting for over-the-counter (OTC) derivatives trading. OpenLink has also demonstrated an ongoing commitment to supporting its growing central banking client base by helping them to address their ever-challenging risk and technology needs.