Financial Administrative and Support Services
The Financial Affairs Department is organized to execute the internal financial needs of the bank. The Budget and Planning, General Accounting, Financial Reporting, and the Back Office are located in this Department. The Financial Affairs Department is responsible for providing information, primarily financial in nature, about all bank activities that will assist management in making educated economic decisions about the Bank’s future.
This includes the internal financial and budget systems for the CBS. In this role the department handles the normal finance/accounting responsibilities such as the General Ledger, Chart of Accounts, Accounts Payable, Accounts Receivable, Fixed Asset accounting. It supports the overall planning of the CBS through the Budgeting and Planning Division where annual program objectives and resource needs are gathered from each department/function, submitted to the Board for prioritization and approval, submits periodic progress reports against budget/program objectives, and facilitates the evaluation of final budget performance. Provides reconciliation of internal and external accounts and runs the Back-Office activities. The Department is a key member of the Financial Administrative and Support Services Group.
The Department is headed by a Director who provides strategic and organizational leadership to ensure the achievement of its goals, in line with the CBS’s overall strategic plan of 2020-2024 and comprises of four following divisions.
The Division of Budget and Planning manages the budget and planning process including the planning, preparation, review of departments’ objectives consolidation, obtaining approval of the bank’s budget and monitoring department’s performance against budget projections and program objectives. This Division is responsible to ensure that bank positions are properly justified and utilized efficiently and providing organizational and operational leadership in relation to budget and planning and the consolidation of the budget and insurance to their proper implementation.
The General Accounting Division is responsible for the internal financial/accounting systems for the CBS. The department handles the normal finance/accounting responsibilities such as the General Ledger, Chart of Accounts, Accounts Payable, Accounts Receivable, Fixed Asset accounting and accounting policy. It administers Payroll and Grants/loans for employees and Overseeing the activities of the Bank’s Financial Accounting Division for the accurate and timely accounting and dissemination of financial management accounting reports including, but not limited to, internal and external monthly financial statements. This includes ensuring the accurate and timely processing of accounts payable, purchase orders, petty cash, employee expense reports, cash control, grants/loans, and payroll processing.
The Division of Financial Reporting is responsible for the internal and external reconciliation of the CBS’s accounts. It conducts the bank reconciliation for both internal and external accounts, ensures accuracy against all accounting records, coordinates the preparation of, defend, implement, and evaluate results of the Department’s annual budget. The division Plans, assigns, directs, controls, and evaluates performance of subordinates and recommends appropriate recognition or other management actions.
The Division of Payments and Settlements is responsible for operation of the CBS’s back office and its support of the CBS’s Domestic Market and International Market Operations. The division takes the initiatives of planning, monitoring and assuring the quality of the Settlements in Reserves Management Transactions Division’s work, performance and implementation via the approved ways and methods, and according to the CBS policies and Strategies. It assists in the development and implementation of the Settlements in Reserves Management Transactions Division’s strategy and the Division’s regulations, instruments, methods and procedures. The Division is responsible for the completion of timely and accurate reports concerning the operations and submitting the recommendations to the Department Director, Financial Affairs concerning operations and effectiveness of the operations.