Monday , October 18 2021
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Reserve Bank of NZ adds two more assistant governors for addressing new challenges

Summary:
Central banks like all other organisations respond to challenges by creating new roles and divisions. Reserve Bank of NZ has done the same. So far, the central bank had 1 Governor, 1 deputy governor and 5 assistant governors looking at various roles. It has created two new assistant governor positions: 1) Risk, Compliance & Legal Services and 2) Information and Data Analytics.  Governor Adrian Orr says the Reserve Bank is well advanced in its transformation to meet its new mandate. “We are aware of our future governance expectations under new legislation. We’re strengthening our foundations and how we operate.” The changes will result in the Senior Leadership Team expanding from six to eight roles. The additional roles are the General Managers of ‘Risk, Compliance and Legal Services’

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Central banks like all other organisations respond to challenges by creating new roles and divisions.

Reserve Bank of NZ has done the same. So far, the central bank had 1 Governor, 1 deputy governor and 5 assistant governors looking at various roles.

It has created two new assistant governor positions: 1) Risk, Compliance & Legal Services and 2) Information and Data Analytics

Governor Adrian Orr says the Reserve Bank is well advanced in its transformation to meet its new mandate. “We are aware of our future governance expectations under new legislation. We’re strengthening our foundations and how we operate.”

The changes will result in the Senior Leadership Team expanding from six to eight roles. The additional roles are the General Managers of ‘Risk, Compliance and Legal Services’ and ‘Information and Data Analytics’.

Mr Orr said “These new roles have been created to bolster the overall capability and capacity of the Leadership Team, and to ensure these important tasks are given appropriate prominence. Other senior leadership roles have been refreshed to both accommodate the new roles and to ensure the Bank’s broader mandate is being appropriately managed.”

RBNZ has interesting role allocations across the DG/AG

  • Governor / Chief Executive
    • Deputy Governor – General Manager Financial Stability Group
    • Assistant Governor – General Manager Strategy, Governance and Sustainability
    • Assistant Governor – General Manager Transformation, Innovation, People & Culture
    • Assistant Governor – General Manager Money Group
    • Assistant Governor – General Manager Digital Solutions and Security (CSO; Chief Security Officer)
    • Assistant Governor – General Manager Finance and Commercial Operations (Chief Financial Officer)
    • Assistant Governor- General Manager Information, Data and Analytics (New)
    • Assistant Governor – General Manager Risk, Compliance and Legal Services (CRO) (Chief Risk Officer New)

This aspect of how different central banks organise themselves across various departments is quite interesting…

Amol Agrawal
I am currently pursuing my PhD in economics. I have work-ex of nearly 10 years with most of those years spent figuring economic research in Mumbai’s financial sector.

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