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Strategic Plan

The Strategic Plan 17-20 defines Banco de Portugal's priorities for 2017-2020.

 

The Bank’s priorities are organised into four Broad Strategic Guidelines.

These Guidelines set out Banco de Portugal’s mission, values and vision for 2020 and are intrinsically linked to the Eurosystem's mission statement, strategic intents and organisational principles, which reflect the strategy and overall operating framework of the euro area national central banks.

The ultimate goal of the Strategic Plan 17-20, running across all priorities, is twofold: self-accountability and outstanding performance. “Always do better” is the Strategic Plan’s motto and an imperative for an institution like Banco de Portugal, which acts in increasingly complex and demanding contexts.

The results of the implementation of the Strategic Plan will be released in the Annual Report of the Board of Directors: Activities and Financial Statements.

Broad Strategic Guidelines

Priorities

1st Broad Strategic Guideline: Emphasise Banco de Portugal’s capacities as monetary authority, at both an internal and external level.

Actively contribute to the single monetary policy in the euro area, based on the risk-sharing principle;

Continue to research fundamental topics within monetary policy, including monetary policy’s role in the future, interaction with macroprudential policy, the effects of non-standard measures and the link with other macroeconomic policies;

Prudently manage financial risks, while ensuring stable criteria in the definition of return to the State and safeguarding Banco de Portugal’s soundness;

Develop internal capacity in monitoring Banco de Portugal’s role in view of technological challenges and digital evolution, with particular regard to payment systems and means of payment.

2nd Broad Strategic Guideline: Participate in the definition of regulatory frameworks and implementation of supervisory practices, in order to ensure the soundness and stability of the national financial system and confidence among economic agents.

Promote a comprehensive approach of risk assessment for the definition and implementation of prudential policies, with recourse to the different competences of Banco de Portugal and in cooperation with other national and international financial supervisory authorities;

Strengthen Banco de Portugal’s role among European authorities, contributing to the soundness and stability of the national financial system;

• Strengthen performance in regulation, supervision and crisis management, based on the development of prudential policy instruments, in close cooperation with European institutions and supervisory authorities, and other national central banks;

Ensure a balanced relationship between financial institutions and their customers, guided by high standards of behaviour and appropriate financial education, in cooperation with the other national supervisory authorities.

3rd Broad Strategic Guideline: Promote understanding of the Portuguese economy and European integration, helping inform and educate.

Pursue the research agenda on relevant issues for Banco de Portugal’s mission;

Produce and foster understanding of the Portuguese economy and European integration, using the competences and information available in Banco de Portugal, and promoting partnerships that increase efficiency;

Regularly consult the stakeholders to identify important topics early and ensure the usefulness of information and knowledge generated in Banco de Portugal.

4th Broad Strategic Guideline: Be among the most efficient central banks in the Eurosystem.

Internal governance • Improve Banco de Portugal’s internal governance model and strengthen the organisation, planning and control function, in order to ensure high performance and accountability for results;

Information • Define a governance model and an information management model, develop a corporate data warehouse, enhance the support technology, and standardise and rationalise information requests, enabling Banco de Portugal to have access to comprehensive, high-quality and timely information;

Human resources • Develop a human resources management model using competence profile mapping, invest in training and individual development, foster strong leadership, and adjust incentive and payment systems to merit-based criteria, in order to ensure motivation and intensify collaboration;

Systems and technologies • Develop a new digital workplace model, investing in tools that boost productivity and enhance cooperation, ensure Banco de Portugal’s information security, particularly regarding cyber-attacks, revise the business continuity plan and develop the IS/IT function in the context of the digital transformation strategy;

Communication • Define the communication strategy, focus communication on stakeholders, make it modern, diversified and inclusive, and reformulate the responsibilities of the communication function, aligning communications with the defined strategy and the duty of accountability to society.