Role
The Financial Services Department provides a sound financial framework for effective decision-making and accountability across the Bank. The department is responsible for the accounting and financial reporting of the Bank as a corporate entity. It provides financial management and reporting services, contract management, procurement, and payment services.
Organization
There are three teams within the department: Accounting and Internal Control, Contracts Management and Procurement, and Financial Management Reporting.
Accounting and Internal Control
- provides accounting & payment services to the Bank, the Bank of Canada Pension Trust Fund, the Supplementary Trust Fund, and the Exchange Fund Account of Canada. It also provides corporate record-keeping services related to the safekeeping of bonds and other items, such as gold;
- supports the framework for managing the issuance of the Bank's Financial Statements;
- enhances the framework for the management and governance of the Bank's Pension Plan liabilities and benefits.
Contracts Management and Procurement
- manages the procurement process for goods and services for the Bank within the appropriate policies and guidelines;
- ensures that the procurement of goods and services is fair, open, and is implemented in an efficient and effective manner;
- develops and implements sound procurement policies.
Financial Management Reporting
- develops and manages effective and timely financial planning, budgeting, and reporting;
- establishes a continuous improvement process to ensure that financial reporting responds to clients' needs.