The theme of this conference “Leveraging Central Banks’ IT Investments for Strategic Advantage” is apt given the increasing reliance of central banks on information technology services to support their operations. Information Technology competes with other areas of the central bank’s activities for the allocation of scarce resources. It is only proper, therefore, that the investments made in the domain of information technology must be able to deliver a return that meets or exceeds that which would have been provided by the other alternative avenues to which those resources could have been applied. In the final analysis, the information technology function is required to contribute to the organisation achieving specific outcomes in pursuit of its mission in an ever-changing local, regional and international landscape by connecting personnel, business processes and data. I believe that these expectations are shared by all our central banks in the region. Putting together an information technology services organisation can be a considerable undertaking that requires the investment of significant levels of financial resources to procure the right people, processes and technology. For this reason, from a management perspective, it is imperative that the investment gives the organisation value through improved productivity and efficiency, enhanced customer experience, reduced costs, substantial risk mitigation, better compliance and business continuity. At the Bank of Guyana, we have made considerable investments in the area of information technology over the years and continue to do so.

Despite their cost magnitude, we persist  BIS central bankers’ speeches  1  with these investments because we believe that once properly leveraged they will enable the organisation to do more with less by: (i) increasing staff efficiency and productivity; (ii) strengthening relationships with the organisation’s customers; and (iii) fostering more effective collaboration with various business partners to quicken the speed at which data that is required for decision-making can be provided. In striving to achieve these goals, we are exposed to the likelihood of being affected by the major risks that are attendant with information technology use. Consequently, the institution continues to allocate resources to: (a) make its information systems and the supporting technical infrastructure more reliable and resilient; and (b) protect the integrity of the institution’s data assets. Achievement of the foregoing objectives is heavily dependent on all information technologyrelated activities and investments being channelled in a manner that is consistent with the organisation’s goals and needs – the so called IT/business alignment challenge that appears to be so elusive in many cases. Here, from a management oversight perspective, one cannot overemphasise the necessity of embracing governance mechanisms that are fit for purpose. To remain relevant, the information technology function must continually evaluate and if necessary enhance its existing capability to ensure that it can meet the requirements of core business processes while being in tune with the current and envisaged directions of the organisation.