The National Bank of Ukraine moves ahead with the reengineering of internal processes, in particular those relating to the operation of the NBU Committees, to improve the quality of managerial decision-making.  On 19 October 2016, the NBU Board approved a concept paper and an Action Plan to improve the committees’ performance.

“The decision-making system based on nine committees, which was put in place last year, has proved its efficiency:   it has enabled the NBU to improve the quality of input for decision-making, enhanced the effectiveness and efficiency of the Board's performance, and ensured effective load distribution between the NBU Board and its committees,” said Director of the NBU Banking System Strategy and Reform Department Mr Mykhaylo Vidiakin. We have managed to deliver the conditions necessary for cross-functional information sharing and provide a platform for effective discussions of all the materials by all parties involved prior to submitting proposals to the NBU Board for consideration. Furthermore, the decision-making system based on collegial decisions of committees  promotes a closer interaction between the functional departments  of the central bank, thus making the transformation irreversible and ensuring the transparency of the NBU's activities”.

The concept paper and the Action Plan include the following key measures aimed at streamlining the internal processes and the committees’ operation:

• redesigning the processes within the committees in accordance with the goal-oriented maps of the processes that describe individual processes of the committees’ operation. 
• tightening control over  the implementation of the decisions taken by the committees through the centralized electronic document management system and maintaining an electronic register of the implemented decisions 
• regular reporting by the committees to the NBU Board
• ensuring an interaction between committees with complementary functions and  identifying tools to  ensure an effective interaction between them
• a shift to the electronic document management system: the use of an electronic signature, encrypting restricted information and maintaining an electronic register of the minutes of the committees’ meetings
• an upgrading of the Internal web portal “NBU Committees” and overhauling its content, which is accessible to members of the respective committees and NBU Board members.

Over the first nine months of 2016, the NBU Committees have held 206 meetings and addressed over 1,200 issues covering various lines of the central bank’s activities. 13% of these issues have been submitted to the NBU Board for consideration.

In September 2015, the NBU Board approved a concept paper  for reforming a decision-making system   at the level of committees. Detailed information on the structure and mandate the NBU Board’s Committees can be found in the  NBU's Annual Report for 2015