OREANDA-NEWS. September 23, 2014. The Central Bank of Azerbaijan has started developing a Corporate Strategic Plan for the next strategic period. The CBA achieved its mission effectively, choosing the most advanced central banking activities as a benchmark.

The CBA, which is determined to serve the well-being of the society, and become a credible, transparent and modern government institution with advanced management, developed human resources, high corporate values and culture, introduced a corporate strategic management system in 2011. The new corporate strategic plan – a continuation of the CBA’s long-term strategic management practice is the 5th one. The plan is being developed under a strategic analysis and planning methodology based on advanced international practices.

The first stage of new strategic planning includes analysis of all functions and business processes of the CBA. The strategic analysis directly involves the CBA’s senior management, all structural units, managerial staff and leading employees. The analysis is carried out under the methodology based on international practices and covers the CBA’s mission, functions, business processes, monetary policy and banking development, current status of the work on economic policy and corporate management, the strategic outlook for the new strategic period, an analysis of domestic and external environment and challenges, and identification of strategic initiatives to be implemented to achieve the strategic outlook for the new period.

Strategic initiatives determined under the set methodology based upon results of the strategic analysis are then implemented within program and project management in line with advanced international practices. Furthermore, implementation of strategic programs and projects is regularly monitored, assessed and reported. Development of the new strategic plan is expected to be completed by the end- year. Implementation of the existing strategic plan will also be assessed within this framework.

Besides, the CBA is successfully finalizing its current 2011-2014 strategic plan, the key strategic priorities of which include: (1) safeguard macroeconomic stability, (2) maintain financial stability of the banking system, (3) totally modernize key functions, (4) align institutional management to up-to-date practices, (5) develop the CBA’s human resources, and (6) provide further support for economic growth.