ANNUAL REPORT 2002 / 2003


ORGANISATIONAL INITIATIVES

FINANCE DEPARTMENT

Keeping an Eye on Risk

BCCS merged with MAS on 1 October 2002, and all of the BCCS’s reserves were transferred to MAS. The Finance Department worked closely with the BCCS to ensure the smooth integration of all financial operations.

The President of Singapore’s approval was sought before the merger for a supplementary budget to take on the currency issue and management operations as well as other merger-related income and expenditure items.

The Finance Department’s Financial Risk Management Division continued to support the work of the Risk Committee, which was set up in 2000 to assist the Board of Directors in managing financial risks inherent in MAS’ investment portfolios.

Chaired by an independent board member, Mr Lam Chuan Leong, Permanent Secretary (Ministry of the Environment), the Committee oversees MAS’ risk management process. The Financial Risk Management Division provides regular reports of the risk profiles of MAS’ investments, formulates financial risk policies and controls, and monitors portfolios for compliance with the investment guidelines.

 

Strategic Planning Office Currency Department Human Resources Department Corporate Services Department
Finance Department Information Technology Department Internal Audit Department Partnering the International Financial Community

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