The Financial Systems Department provides financial sector diagnostics, policy advice, and advisory services to national financial sector regulatory and supervisory authorities to help build strong and efficient financial systems, thereby contributing to financial sector development and stability, economic growth, and poverty reduction. - Financial Policy Development: The Financial Policy Development Unit is the Vice Presidency’s hub for prioritizing financial and developmental issues. It draws upon the Financial Sector Assessment Program (FSAP) and Reports on the Observance of Standards and Codes (ROSCs) findings, dialogue with regional and anchor units and partners outside the World Bank Group to develop financial policy on emerging issues. The Unit also contributes to the financial sector strategy for the Bank Group by leading the monitoring and evaluation function for the financial sector.
- Prudential Oversight and Systemic Stability: The Prudential Oversight and Systemic Stability Unit’s core competency rests in prudential regulatory and systemic stability issues. The current financial crisis has enabled the unit to organize key crisis preparedness workshops and simulation exercises for client countries. It also supports the FSAP, provides advisory services to World Bank Group work, oversees the delivery of projects funded by FIRST (Financial Sector Reform and Strengthening) and bilateral donors, and maintains Bank relationships with international regulatory bodies.
- Financial Markets Integrity: The Financial Market Integrity Unit ensures that Anti-Money Laundering and Combating the Financing of Terrorism is an essential element of the Bank’s development mandate in the financial sector. It supports client countries in strengthening the integrity of their financial sectors and partners with the World Bank’s Poverty Reduction and Economic Management (PREM) Network and the World Bank Institute to deliver the Stolen Asset Recovery Initiative.
- Finance Sector Assessment Program (FSAP): The Finance Sector Assessment Program Unit oversees and administers the joint International Monetary Fund-World Bank Financial Sector Assessment Program. FSAP provides third-party, comprehensive assessments of member countries’ financial intermediation and vulnerabilities. As of end-April 2008, about 60 countries have already completed or requested an update.
- Financial Sector Reform and Strengthening (FIRST): The Financial Sector Reform and Strengthening (FIRST) Initiative is a multi-donor grant facility providing technical assistance (TA) to promote financial sector strengthening. The World Bank manages the FIRST Initiative on behalf of the donors.
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