5. Office of the Deputy Executive Governor
As per law and according to the guidelines defined by the Board of Directors, the Administrative Council and the Governor (General Manager), the following are the responsibilities of the Office of the Deputy Executive Governor.
- Guide the functions of the central bank related to being the banker of banks, the fiscal agent of the government, and having responsibility for issuing currency and its circulation.
- Guide the process to draw up the Strategic Plan.
- Guide preparation of the investment and expense budget.
- Guide operational risk management and the internal control system.
- Guide the management of cultural affairs.
5.1 Legal Department
- Provide legal advice to Banco de la República on performance of the functions entrusted to it.
- Establish and guide the Bank’s legal position in the different fields of law on matters that do not pertain to the Office of the Secretary of the Board of Directors and other areas with specialized legal functions, issuing opinions as may be required.
- Attend to judicial proceedings of a contentious-administrative, labor, civil and commercial nature, among others, in which administrative actions other than those taken by the Board of Directors are under dispute.
- Act as Secretary of the Administrative Council.
5.2 Internal Control Department
- Plan, direct and organize verification and evaluation of the Internal Control System, taking into account the implementation and execution of controls on mission, strategic and support processes.
- Ensure compliance with laws, regulations, policies, procedures, plans, programs, projects and goals of the organization, and recommend the adjustments needed to improve operations.
- Administer, manage and report information related to the Internal Control System.
- Promote a culture of control to help the institution persistently do a better job in fulfilling its mission.
5.3 Office for Payment Systems and Banking Operation
- Guide Banco de la República’s operations in the area of banking services and in its capacity as lender of last resort, banker to credit institutions, and fiscal agent of the government.
- Lead policies, initiatives and projects designed to ensure proper functioning of the payment systems that are the responsibility of the central bank and the infrastructure in the country’s financial market.
- Lead policies, initiatives and projects to provide the financial sector with services that support development and strengthening of the securities market, and have an infrastructure that supports development of the money market.
- Ensure the performance of functions involving registration, compliance and control of investment operations and the management of international reserves, monetary and foreign exchange intervention by Banco de la República, and the management of foreign banking correspondents.
- Guide the application of policies and procedures relative to the set of rules on foreign exchange and international investment.
- Coordinate activities related to interbank clearing services for checks and electronic payments and the provision of fiduciary services, deposits, drafts and the like, in both domestic and foreign currency, to agents authorized by the Board of Directors for such purposes.
- Accompany management in handling the portfolio of home loans to employees, in monitoring the portfolio managers who oversee the financial assets that support pension liabilities, in activities related to management of the Mortgage Portfolio Stabilization Reserve Fund (FRECH), and in the disbursement and collection of temporary liquidity support (ATL).
5.3.1 Payment Systems Department
- Manage the service for deposit accounts in domestic and foreign currency.
- Manage the Deposit Account System, so as to settle payments in the country's financial and securities markets and clearing in the retail-value payment systems.
- Manage, at the national level, the clearing and settlement service for checks and other physical instruments of payment.
- Manage the clearing and settlement service for retail-value electronic payments, which is provided as a service to credit institutions, the government and social-security information operators, among others.
- Manage the File Transfer System for an exchange of information among social-security payment operators.
- Manage the Lien System for centralized processing, at the national level, of seizure or attachment notices and information inquiries from competent judicial and administrative authorities.
5.3.2 Institutional Operations and Housing Department
- Conduct activities concerning the disbursement and collection of resources for temporary liquidity support, in addition to management of the portfolio of securities through which such support is instrumented.
- Manage the Mortgage Portfolio Stabilization Reserve Fund (FRECH), as per the activities that pertain to the Bank and in accordance with the conditions established by the Ministry of Finance and Public Credit and the National Housing Fund.
- Monitor resources coming from the provision of pension liabilities administered by trust companies contracted to that effect.
- Implement the home loan policy for employees. Disburse institutional home loans and manage credit stemming from institutional loans of this type.
5.3.3 Foreign Exchange Affairs and Settlements Department
- Manage the application of policies and procedures concerning the regime on foreign exchange and international investment.
- Manage the government's international payments and transfer operations in foreign currency, in fulfillment of the Bank’s function as the government’s fiscal agent, as well as the Agreement on Reciprocal Payments and Credit subscribed within the bounds of ALADI.
- Collect, process and provide statistical information on foreign exchange.
- Promote and publicize foreign exchange regulations and provide support in answering inquiries.
- Manage the international interbank communication systems for channeling foreign currency payments, as well as other information systems.
- Manage correspondent contracts with foreign financial entities.
5.3.4 Fiduciary and Securities Department
- Act as the nation’s fiscal agent in terms of placement, custody and servicing the domestic public debt, supported by the Central Securities Depository.
- Manage the Central Securities Depository (DCV), register and control monetary and exchange operations channeled through the DCV, and participate in temporary liquidity support and in the management of FRECH.
- Manage the infrastructure for trading and booking operations involving securities deposited with the DCV and interbank loans (SEN).
- Manage the service for assets deposited in custody.
5.3.5 Booking and Control of International Settlements Department
- Carry out the operational and accounting processes involved in financial operations originating with the management of international reserves and sovereign funds administered by Banco de la República.
5.4 Office for Industrial and Treasury Affairs
- Propose policies, plans and programs for the design, production and distribution of banknotes and coins in the different denominations.
- Define objectives and policies for technical analysis and research on the raw materials used in the production of banknotes and coins, and on aspects such as security, quality and durability. It also is responsible for establishing guidelines on how to manage the risk of counterfeit currency.
- Guide activities related to the purchase and sale of precious metals by Banco de la República.
- Guide the management of cash and precious metal in custody, as requested by the competent authorities.
- Guide the implementation of policies related to protection of the environment in the different activities undertaken by the Bank, especially at industrial plants.
- Oversee and support the adequate development of activities and performance of the treasury areas at the branches.
- Produce coins in the different denominations, pursuant to the annual coin production program approved by the Board of Directors.
- Evaluate and propose changes to optimize input and processes in the production of minted coins.
5.4.2 Printing Works
- Produce banknotes in the different denominations, pursuant to the annual banknote production program approved by the Board of Directors.
- Evaluate and propose changes to optimize input and processes in the production of banknotes.
5.4.3 Industrial Technical Department
- Provide specialized technical advice in the industrial area on the acquisition of basic raw materials required for the production of banknotes and in other processes.
- Promote and participate in the design of programs to educate the public and workshops for specialized entities on how to recognize the security features of banknotes and coins.
- Advise on the purchase and sale of precious metals.
- Serve as an expert on the authenticity of currency, and issue specialized technical opinions on banknotes or coins retained for presumably being counterfeit and on those considered as authentic and their replacement.
5.4.4 Treasury Department
- Exercise the legal function of issuing Colombian currency and its custody, after being produced.
- Circulate banknotes and coins through the established channels.
- Propose annual programs for the production of banknotes and coins required by the economy.
- Undertake processes to classify banknotes and coins that are returned to the Bank to identify counterfeit currency and that which is authentic but deteriorated.
- Program, oversee and control processes for the destruction of deteriorated currency.
- Manage the custody of cash and precious metals requested by the competent authorities.
5.4.5 Administrative Unit of the Office for Industrial and Treasury Affairs
- Provide administrative services to the employees of the Central Facility for Engraving and Printing and execute the maintenance plans for the systems supporting the facility.
- Ensure compliance with and oversight of emergency service plans and the protocols and procedures for disabling critical systems that support the operational and production processes at the Central Facility for Engraving and Printing
5.4.6 Environmental Management Unit
- Undertake action to comply with environmental regulations.
- Define and implement plans, programs and strategies focused on reducing and controlling environmental risks that might be generated by the Bank's activities.
- Design and lead sustainability initiatives to use water, energy and raw materials efficiently, and strengthen a culture that is conducive to behavior that prevent risks to the environment.
- Meet the demand for banknotes and coins in the region, undertake processes to sort incoming currency and destroy deteriorated banknotes, and manage the custody of goods and securities belonging to third parties.
- Program, coordinate and carry out cultural activities, in development of the approved cultural program.
- Collect and analyze economic information by city and region.
- Exercise institutional representation of the Bank before the different regional bodies.
5.5 Office for Risk Management
- Encourage the development of institutional capacity to anticipate and manage operational risk situations by leading actions that allow for development of the Comprehensive Operational Risk Management System and the principle of process-based management.
- Guide management of the Bank's insurance program.
- Promote the Bank's anti-fraud strategy.
- Guide compliance with and development of the Anti-Money Laundering and Terrorist Financing Risk Management System.
5.5.1 Risk and Process Management Department
- Support efforts to administer and oversee the operation of systems to manage processes, risks and continuity of the Bank’s operations.
- Propose initiatives to improve processes, control over exposure to operating risks, and continuity of the Bank’s operations.
5.5.2 Financial Risk Management Department
- Propose and update policies, practices, methodologies and other control mechanisms for managing the financial risks under its responsibility.
- Identify, measure, evaluate, monitor, control or mitigate and report the Bank's exposure to the financial risks under its responsibility.
- Independently supervise and evaluate material financial risks in the processes for which it is responsible.
- Manage risk in the asset portfolio that supports BR pension liabilities.
- Manage credit risk in the home loan portfolio.
- Manage FRECH (Mortgage Stabilization Fund) risk, based on the guidelines defined in the contract.
- Provide technical advice in terms of risk regarding the transitory liquidity support process (ATL).
5.5.3 Operational Analysis Unit
- Manage the Anti-Money Laundering and Terrorist Financing Risk Management System for the Bank, in accordance with current regulations. The director of the unit acts as the Compliance Officer.
- Ensure establishment of a culture aimed at preventing and controlling the risk of money laundering and terrorist financing.
5.5.4 Insurance Unit
- Manage the Bank´s insurance program.
- Issue opinions and advise areas within the Bank on the definition, scope and contracting of insurance policies.
5.6 Office for Cultural Affairs
- Guide national-level management of cultural activities undertaken by the Library Network, the Gold Museum Network, and the Art and Collections Unit.
- Oversee and support the adequate development of activities and performance by the Bank's cultural areas in the different cities.
5.6.1 Library Network Department
- Conserve, document and manage the collections of the Library Network.
- Design, plan and implement the annual programs and services offered by the Library Network.
- Plan the musical schedule of international artists and young performers at the national level and develop and evaluate the musical schedule for the Concert Hall at the Luis Angel Arango Library.
5.6.2 Gold Museum
- Conserve, document and manage the Bank’s archaeological collection of works in gold, silver, ceramic, lithic and other materials.
- Catalog and research the Bank’s archaeological collections and exhibit them through the Gold Museum Network and beyond.
- Conduct cultural exchanges in the form of national and international archaeological exhibits.
- Network with the regional Gold Museums in Cartagena, Santa Marta, Armenia, Pasto and Cali, and the Ethnographic Museum in Leticia on producing and maintaining their permanent and temporary exhibits by providing them with support in terms of their management and cultural programming.
5.6.3 Art and Collections Unit
- Conserve, document and manage the Bank’s art, numismatic, philatelic and musical instrument collections.
- Carry out and coordinate the program of temporary, permanent and traveling exhibitions in line with the development objectives established for the collections at the Bank’s art galleries.
5.6.4 Administrative Unit of the Office for Cultural Affairs
- Oversee and control economic and budgetary resources, and provide logistical and administrative support to the Office of the Deputy Director of Cultural Affairs on accounting, contracting, maintenance and publications, among other aspects.
5.6.5 Cultural Network Management Unit
- Contribute to and strengthen the implementation of cultural policy nationwide.
- Coordinate the planning, execution, oversight and control of cultural programming in the Cultural Areas at the branches and agencies.
5.6.6 Cultural Agencies
- Implement cultural programming and establish inter-institutional relations with entities that develop cultural activities, pursuant to the policies defined by the Office of the Deputy Director of Cultural Affairs.
- Take action to learn about the social and cultural environment in the region, so as to encourage the pubic to participate in defining the core topics for cultural activities in the mid-term.
5.7 Financial Office
- Guide the production and disclosure of financial information, particularly as concerns accounting procedures and corporate payments and collections.
- Help to prioritize, coordinate and oversee investment projects, doing so from an institutional perspective by incorporating the strategic planning and budgeting process.
- Plan, formulate and propose the budget, and oversee and control its management.
- Manage preparation of the Strategic Plan and it communication and oversight.
- Manage the actuarial calculation.
5.7.1 General Financial Directorate
- Optimize the production and disclosure of financial information in accordance with international standards that facilitate accountability.
- Guide accounting policies and procedures that meet economic circumstances and legal regulations in effect.
- Guide the institution’s corporate payment and collection process.
- Guide the accounting process for the funds managed by the Bank.
18.104.22.168 Accounting Department
- Registrar la información contable, dentro de las normas legales e institucionales establecidas.
- Preparar, analizar e informar la situación financiera del Banco y el resultado de sus operaciones.
- Implementar políticas y prácticas contables.
- Administrar las obligaciones tributarias a cargo del Banco.