Under Phase II of the Programme for Strengthening the Central Bank Capacities in the Western Balkans with a view to the Integration to the European System of Central Banks, the Central Bank of the Republic of Kosovo (CBK) has commenced implementing a bilateral measure with the Central Bank of Austria (Oesterreichische Nationalbank). This bilateral measure will focus on the assessment and development of CBK’s internal function for risk management, and will include two expert missions from the Central Bank of Austria to CBK and a study visit for CBK’s professional staff to the Central Bank of Austria. All three components of the bilateral measure are foreseen to be implemented within six months. Similar to other components of the Phase II of the Cooperation Program, this bilateral measure will also be administered and coordinated by the Central Bank of Germany (Deutsche Bundesbank).
The bilateral measure in the field of risk management will include assessment of general and specific aspects of risk culture and risk reporting, as well as define pertinent suggestions for the development of such aspects within the CBK. Also, the CBK will benefit from having direct access to the methods within the European System of Central Banks to implement risk management tools and techniques. Consequently, this cooperation with the National Bank of Austria will contribute to CBK strengthening its risk management function and to alignment with industry best standards and practices in the EU.
Phase II of the Programme for Strengthening the Central Bank Capacities in the Western Balkans with a view to the Integration to the European System of Central Banks was launched on 21st of September 2022 and is expected to last three years. This program is funded by the EU and includes the European Central Bank, 20 central banks of EU member states, as well as 8 central banks and financial supervisory authorities from the Western Balkans region.