The Bank of Lithuania organisational structure includes two autonomous divisions, which operate alongside twelve autonomous departments, comprising their respective Divisions. The Center for Excellence in Finance and Economic Research aims to conduct and publish internationally-acclaimed economic and financial research, Internal Audit Division assesses various Bank of Lithuania activities through audits.
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The Center for Excellence in Finance and Economic Research (CEFER) was established by the Bank of Lithuania and Vilnius University (VU). In autumn 2017 Kaunas University of Technology (KTU) joined as an additional partner. |
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Main goals
CEFER aims to:
- Raise the quality of economic and financial sciences in Lithuania
- Encourage quality discussions on relevant economic and financial issues
- Educate the public
- Enhance the image of the Bank of Lithuania as a centre of excellence in economics and finance
Research priorities
Economists at CEFER conduct academic research and publish their papers in well-reputed scientific journals. Main research topics include the following:
- Macro-finance
- Banking
- Behavioural macroeconomics and finance
- International economics and finance
- Macroeconometric methods and modelling
- Dynamic Stochastic General Equilibrium (DSGE) models
- Labour economics
Center activities
- Development, administration and teaching of the Quantitative Economics Bachelor program;
- Planning and conducting doctoral courses;
- Training of Bank of Lithuania staff, researchers, students;
- Administration of Bank of Lithuania Science Prizes;
- International conferences, guest lecturer program, seminars, workshops;
- Research projects with Lithuanian and foreign scientists;
- Contribution to the Data Warehouse Initiative;
- Cooperation with scientific, economic policy and research institutions (CEPR, CEBRA, STRATA, tax office, etc.)
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Working papers
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- Performs independent checks and assessments of the effectiveness and efficiency of Bank of Lithuania governance, risk management and control processes
- Consults the Board and structural units of the Bank of Lithuania
- Monitors implementation of audit recommendations
- Participates in audits carried out on ESCB/Eurosystem level
Jordana Gomarienė, Head of the Internal Audit Division
We implement the Bank of Lithuania internal audit policy, thus contributing to achievement of our organisation’s objectives, as well as efficient and effective operations. Internal audit is a management tool for assessing adequacy and suitability of risk management and supervision, and supporting their further development.
Internal audit is carried out in accordance with the International Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors (USA) and is based on principles of objectivity, independence, proficiency, confidentiality and honesty.
We are authorised to perform independent analysis and assessments of governance, risk management and control processes. Internal audit is independent from the activities assessed and does not substitute control and risk management carried out by managers of all levels.
Auditors always take into account issues related to optimal institutional structure, assignment of duties and functions, effective usage of funds and assets, quality of public services and approach towards Bank of Lithuania customers. We also focus on IT security and its efficient use, compliance with ethical standards and institutional values.
Audits are carried out pursuant to our division’s annual action plan, approved by the Chair of the Board of the Bank of Lithuania. Audits planned by the Internal Auditors Committee (46.4 KB download icon) of the European System of Central Banks (ESCB), carried out on ESCB level, are also included in the plan. Representatives of our division take part in ESCB internal auditor exchange programmes: they visit other central banks or welcome their auditors at the Bank of Lithuania.
We inform our immediate superior – the Chair of the Board of the Bank of Lithuania and the Board – of audit results, major risks identified, compliance with audit recommendations and implementation of the Bank of Lithuania internal audit policy.
In addition to auditing, we provide consultations by request of the Board and units of the Bank of Lithuania – we assess ongoing projects, operational compliance with legal acts, process efficiency and potential risks.
In cooperating with internal auditors from other Lithuanian organisations and central banks, we share good practices in internal auditing.
We aim to be seen as experts in our field, contributing to positive changes that add to the good of both the organisation and the public.
Last update: 15-05-2019