INTRODUCTION Private sector and public sector organizations differ in the way they are managed and operated. The way they are structured helps to facilitate goal achievement. This report compares the Reserve Bank of Australia (RBA) with Westpac Banking Corporation (Westpac). Reserve Bank of Australia RBA is Australia’s central bank. The objectives of the Bank are set out in its policies – ensuring that the monetary and banking policies are advantageous to the people of Australia (Reserve Bank of Australia 3). In so doing the policies of the bank are designed to ensure stability of Australia’s currency, facilitate full employment; and contribute to economic prosperity and welfare of the Australian people. RBA has a Governor and Deputy Governor as well as a number of boards, committees, groups and departments. They all have their relevant functions which facilitate the proper management of the Bank. The structure of the organization is shown in the organization chart in Appendix 1. The Boards include the Reserve Bank Board and the Payments System Board. The Reserve Bank Board has responsibility for monetary and banking related polices while the Payments Systems Board is responsible for polices relating to the payments system. The Governor is the Chairman for both Boards with the Deputy Governor as Deputy Chairman for the Reserve Bank Board. The committees of RBA include the Executive Committee; the Audit Committee; the Remuneration Committee; and the Risk Management Committee. The forum for discussions among heads of functional departments and the Governor and Deputy Governor is provided by the executive committee. The audit committee is chaired by a non-executive board and this should help facilitate the level of independence that is required of members of this committee. The Remuneration Committee is also a committee of the Reserve Bank Board and is drawn from the non-executive members of that Board. The Risk Management Committee is chaired by the Deputy Governor and its responsibility is that of identifying and managing those risks that are not policy related, across the bank. The Groups consists of the Banking and Payments Group; the Corporate Services; the Currency; the Economic; the Financial Markets; and the Financial System Groups. All of these groups have one or more departments that fall under their remit. They provide a range of services for institution. The Banking and Payments Group consists of two departments – the Banking Department and the Payments Settlements Department. The function of the Banking Department includes the provision of a special range of banking and registry services to the departments of the Australian Government, overseas central banks and official institutions. The Payments and Settlements Department on the other hand has the responsibility of settling high valued payments and inter-bank obligations which result ‘from the conduct of Exchange Settlement Accounts and’ the RBA’s own trading activities. Other responsibilities of the Bank and Settlement Department include the operations of the Reserve Bank Information and Transfer System (RITS) which is Australia’s real time gross settlement (RTGS) system. RBA’s Corporate Services Group consists of the Facilities Management Department; the Financial Administration Department; and the Systems and Technology Department (Reserve Bank of
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To: From: Subject: Comparison of the Reserve Bank of Australia and Westpac Banking Corporation Date: 29 May 2013 Report EXECUTIVE SUMMARY The Reserve Bank of Australia (RBA) and Westpac Banking Corporation are public sector and private sector companies respectively…
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