Risk Management Department
Strategic Planning, Risk Management, Projects Coordination and Technical Assistance Office is responsible for specific activities of the highest importance, performed or coordinated at the CBK. Among these activities, first come the preparation and updating of the CBK Strategic Plan and monitoring of its implementation. Closely associated to this activity is development of policies for achieving the CBK objectives. Another activity is the general risk management of the Bank’s activities. Also the coordination of the CBK special development projects and coordination of technical assistance to the CBK by various institutions fall within these activities.
Strategic Planning, Risk Management, Projects Coordination and Technical Assistance Office main functions are:
• Strategic planning and compilation of policies to achieve the objectives:
• Compilation of the CBK Strategic Plan and proposal of policies for achievement of the CBK objectives in cooperation with all relevant organizational units;
• Follow-up and reporting on the CBK Strategic Plan implementation;
• Proposal for updating the CBK Strategic Plan and policies for objectives achievement;
• Recommendation of measures and actions to facilitate the implementation of the CBK Strategic Plan and policies to achieve the objectives;
• Providing advices and recommendations concerning strategic developments and issues regarding the CBK relations with homologue institutions abroad and relevant international institution;
• General risk management:
• Establishment, maintenance and development of a comprehensive risk management framework, given the integration of risk management into all relevant operations and administration of the CBK;
• Ensuring that CBK maintains adequate processes of risk management related to its activities;
• Monitoring of risk management responsibilities delegated throughout the CBK;
• Assisting the Governor and the Executive Board, through appropriate risk analysis, in cases of important decision making;
• Coordination of development projects and technical assistance received:
• Preparation, organization and evaluation of specific development projects based on the decisions of the Governor or the Executive Board;
• Analysis and reporting on certain aspects of CBK operations and administration;
• Preparing and proposing rules and procedures for analysis and formulation of the CBK needs for technical assistance, as well as for implementation, monitoring and evaluation of technical assistance received;
• Follow-up and assisting in the implementation of the technical assistance results.
External Relations Department
The Central Bank of Kosovo (CBK) conducts its operations autonomously and independently, i.e. performs tasks and fulfills objectives determined by law. Independence and autonomy of the CBK in accordance with institutional best practices entails a high level of transparency and accountability in turn. Furthermore, informing state institutions and the public on tasks and operations is one of the CBK obligations. Also one of its tasks is the communication and cooperation with relevant international organizations. Both these CBK responsibilities are defined in Article 8 of Law on the CBK.
External Relations Department is the main organizational unit for external communication, coordination and development of relationships with relevant state institutions, international organizations and the general public. This department also contributes to the maintenance and development of institutional relationships with all financial system actors.
External Relations Department has the following main functions:
• Coordination and development of institutional relations with state institutions;
• Coordination and development of communication with media and the general public;
• Coordination and development of communication and cooperation with foreign authorities and international organizations;
• Contribution to the maintenance and development of relationships with financial institutions;
• Taking care of the CBK protocol and organization of the CBK high level meetings and conferences;
• Editing and lecturing of various publications and materials;
• Regular update of the CBK website;
• Coordination of reporting and other CBK activities in European integration processes;
• Organizing and running CBK engagements in the field of financial education;
• Provide translation and interpretation services in Albanian, Serbian and English;
• Important internal communications.
Economic Analysis and Financial Stability Department
Central Bank of Kosovo (the CBK) primary objective is preserving and maintaining a stable financial system whereas the second objective is contributing to price stability. Another objective, without prejudice of first two objectives is to support general economic policies of government. All three objectives are related to the duties and responsibilities of the Department of Economic Analysis and Financial Stability. Department of Economic Analysis and Financial Stability is the first responsible department for conducting of general and specific economic and financial sector analysis as well as ongoing monitoring and studying of developments and processes that can have an effect in financial stability. This department also compiles relevant reports on economic and financial developments, and takes care for publication and communication of results to the competent authorities and other relevant actors.
All three CBK objectives are defined in Article 7 of the Law on CBK, while the corresponding duties are summarized in Section 8 and are detailed in subsequent sections. The Economic Analysis and Financial Stability Department includes collecting, analyzing and publishing relevant economic and financial information; cooperation and participation in councils and relevant international organizations; acting as economic adviser to the Government and other public entities; financial stability assessment; setting policies for promoting and maintaining stability of financial system and determining policies that contribute in achievement and maintenance of price stability and macroeconomic stability in general.
Tasks of Economic Analysis and Financial Stability Department are divided into three separate fields: Macroeconomic Analysis, Financial Stability and Publications and Library. In the frame of above fields the Economic Analysis and Financial Stability Department has following main functions:
• Analysis of macroeconomic developments and the identification of domestic economy risks;
• Monitoring of economic developments in the region and wider;
• Recommending measures to promote price stability in the country and other relevant economic measures;
• Compilation of research materials on various macroeconomic topics.
• Analysis of financial system activity by component sectors;
• Identifying, assessing and monitoring of the financial system risks (with special focus on the banking sector);
• Assessing stability of banking system (including stress – test)
• Assessing infrastructure and financial markets;
• Assessing perspective of domestic financial system and recommending measures to promote financial stability;
• Compiling research materials about various financial topics.
Publications and the library:
• Technical preparation of the CBK publications;
• Administration and enrichment of the CBK Library.
Department of Financial Planning and Reporting
The Central Bank of the Republic of Kosovo (CBK) manages the financial side of its operations conform to CBK Law and international standards. Respective base obligations of the CBK are specified in Articles 53-59 of the Law on CBK and other applicable legislation. The financial side of the CBK activities is specified in more detail by internal policy and relevant internal rules, as well as the budget plan and other plans.
The Department of Financial Planning and Reporting is the organizational unit responsible for internal financial affairs of CBK. More specifically his work involves maintaining financial books, financial statements, financial analysis, budgeting and implementation, management of grants allocated, expense processing and performing office support.
Within the Department of Financial Planning and Reporting there is the Accounting and Support Division and the Division of Budget Analysis and Supervision. The Department of Financial Planning and Reporting has the following main functions:
• Management of the basic functions of accounting and financial accounting;
• Preparation and publication of financial statements;
• Preparation of financial analysis;
• Compiling, control and implementation of the annual budget;
• Management of cost accounting records;
• Management of grants allocated to CBK;
• Processing of small payments and expenditures;
• Exerting other back up office duties for nostro account transactions;
• Communication and management of financial activities with the IMF accounts;
• Cooperation with external auditors and other relevant stakeholders about aspects of finance and financial records at the CBK.
Legal Department is responsible for issues of legal nature namely providing legal services and support to CBK. Legal Department undertakes the necessary measures in order to ensure that all activities of the CBK are in compliance with the “Law on the Central Bank of the Republic of Kosovo” and other legal acts and regulations in force. The Legal Department has the following duties and responsibilities:
• Provide legal support in developing primary and secondary legislation, as well as other internal acts;
• Provide legal opinions and confirmation to legal acts that are submitted for approval to the executive board, in accordance with the CBK’s policy on issuance of legal acts;
• Offer advice and opinions in writing form upon request and where appropriate;
• Offer professional support in addressing challenges that stand in the way of European Integration, in particular on areas under the responsibility of the CBK and related to the legal sphere;
• Assist to the CBK employee in complying with the legislation applicable by the CBK and other legal acts;
• Communicate with other organizational units, in order to identify and be informed about gaps and needs for supplementing the existing legislation and clarification of procedures;
• Provide legal support in drafting agreements between CBK and other local and international institutions;
• In coordination with other related departments/divisions, participates in meetings of various local institutions when laws or other legal acts that directly or indirectly relate to the functions and duties of CBK are being discussed;
• Legal review of procurement contracts;
• Communicate with the justice institutions (police, courts, prosecution) regarding the issues that are under its jurisdiction (requests, complaints, representations, notifications, responses, etc.) in order to protect the interests of the CBK in front of these and other relevant bodies, in accordance with the relevant procedures;
• Conduct preparatory actions for the purpose of being professionally represented in various disputes when CBK appears as a party;
• Cooperate with other related departments / divisions in the process of court representation;
• Proceed in time with regular juridical and other extraordinary means depending on the case in other instances outside CBK;
• Report to the Deputy Governor or the Governor in order to inform them on the cases and performance of sensitive cases;
• Maintaining relevant records for cases represented;
• Inform the management of the bank for any changes or amendments in the law that may affect the performance of CBK, analyse the possible consequences and suggest appropriate reforms in order to include the recent developments;
• Perform other duties within the scope of the responsibilities listed above and specifically set out by legal acts on relevant fields.