Central Bank Consulting
Central Bank systems differ greatly from those required by commercial banks. The core systems that support banking operations and accounting differ from the systems required by commercial banks. Examples include the product development requirements and those related to currency management. One of the biggest challenges facing central banks is the ability to provide support for the areas of banking supervision, monetary policy, research and statistics for which application packages do not exist.
- Core Banking – ICD Corporation has extensive experience in the areas of banking and banking operations. The introduction of a modern core banking system often has a dramatic impact on the processing of banking transactions within a financial institution. This often requires organizational and process changes that significantly affect the core operations of a bank. ICD Corporation provides the expertise and consultancy necessary to make the transition to a modern core banking system specific to the needs of the institution. It also helps the bank to maximize the benefits associated with the implementation of modern core banking systems. ICD Corporation is able to provide expertise specific to central banks as we have extensive experience working in central banks. ICD Corporation is knowledgeable on the automated banking systems required for central banks including treasury/securities, public debt management, reserve management and open market operations. Our depth of experience in operations enables us to provide advice on how to increase the operational efficiency and effectiveness of the organization which allows our clients to gain critical business and operational advantage. This includes assessment, business requirements definition, business process assessment, system design, project planning, development of software application product requirements, development of functional and technical specifications, bidding documents, evaluation and procurement assistance, project management and implementation management.
- Enterprise Resource Planning (ERP) Accounting/GL, Budgeting, Procurement and Human Resources – ICD Corporation understands the unique benefits derived from the integration found in modern ERP systems and how they affect the productivity of central bank staff. ICD Corporation is knowledgeable in central bank needs for the accounting, budgeting, procurement and human resource departments to ensure a clear understanding of how these systems work and how they will benefit the affected departments in their own environment. ICD Corporation performs assessments, business requirements definition, system design, project planning, development of software application product requirements, development of functional and technical specifications, assistance in the development of the bidding documents, evaluation and procurement assistance, project management and implementation management.
- Technology Support for Banking Supervision, Research, Statistics and Monetary Policy – The requirements of these central bank departments are unique and there are few packaged solutions to fit their needs. ICD Corporation is uniquely qualified to support central banks due to our extensive experience defining and implementing technology based solutions. Central banks are implementing data warehouse solutions to support the needs of the Monetary Policy, Research and Statistics departments. This information is derived from both the work of the central bank and other Government agencies or Ministries in the form of macro-economic reporting and from the Prudential Returns received by the central bank which provide micro-economic data. Supervision departments require data collection, off-site analysis and reporting, workflow, document management and project management systems to automate vital functions and enable the sharing of information with both On-site and Off-site supervisors to ensure effective planning. ICD Corporation is experienced in working with these departments in developing detailed functional and technical requirements through extensive analysis of business processes and information flows. This becomes the basis for the design of the applications and the data repository necessary to support the business requirements. ICD Corporation provides the methodology that enables the bank to define and prioritize their needs and develop a consistent approach to the use of data. We then develop functional and technical specifications, system design, bidding documents, provide evaluation and procurement assistance, project management and implementation oversight on behalf of the bank.
- Document Management – Document management has many applications in central banks from support of the banking supervision organization to documentation of correspondence flows in and out of the central bank. ICD Corporation can help you design and implement the capabilities needed to support the requirements of your central bank.
- Work Flow – The Banking Supervision Departments can benefit greatly from the implementation of work flow technology that helps guide and track highly procedural activities such as review of bank applications or the review of the commercial bank annual returns. ICD Corporation is experienced in the application of work flow methodologies to central bank tasks and functions.