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13.2

The PMA started publishing its indicator for the business cycle (PMABCI) on a monthly basis since November 2012. 


 IBAN Instructions | What is IBAN?

Office of the Legal Counsel

The Office of Legal Counsel (OLC) provides timely and high quality legal analysis and advice to the Governor, the PMA Board, and the other departments. The Office provides opinions and interpretations to the Governor and staff on banking legislations, other applicable laws as they may affect the work of the PMA, as well as banking regulations and administrative decisions. The Office conducts administrative and court litigation on behalf of the PMA, including investigations into violations of banking laws by banking institutions and affiliated individuals in cooperation with the related departments in the PMA. The Office maintains communication links to the relevant committees in the Legislation Council and contributes to various bills affecting the responsibilities of the PMA.


Ombudsperson Office

The Ombudsperson Office is one of the important positions established within the administrative and organizational structure of PMA, making the latter amongst the first Central Banks in the Middle East to establish an independent Ombudsperson Office. The Office main duty is verification of all employee complaints and grievances due to bylaws and policies applied at the PMA. Employees have the right to directly contact the Ombudsperson without prior consultation with their superiors. Ombudsperson Office decisions shall solely depend on PMA policies, legal principles, equity and justice, fairness, administrative rules, as well as regulations that aim at improving workplace environment and spreading job security among employees.     

 

Authorities and Responsibilities of the Office


PMA has granted Ombudsperson Office full authorities and responsibilities that facilitate its work to enable it to carry out its tasks, some of which are:

1.The Ombudsperson Office shall operate fully independently within PMA and reporting directly to PMA Governor as Chairman of Board of Directors

2.The Ombudsperson Office has the right to hold meetings with any employee in PMA, including the Governor, Deputy Governor and their staff, in order to gather information that helps properly resolve the complaints and grievances under investigation   

3.The Ombudsperson Office shall settle  grievances under examination after consultations with the employees and managers , in case the grievance is not resolved, its resolution is final and binding 

4. The Ombudsperson Office shall mediate and seek employee grievance and complaint resolution and produce recommended resolutions to be approved by PMA Governor

5. PMA employees have the right to appeal on issues related to workplace problems of promotion, incentives, transfer, disciplinary measures or any other matter that they perceive as biased or a cause of job dissatisfaction

6.PMA employees retain the right to file a complaint or grievance or request consultation from the Ombudsperson Office independently and without consulting any of their direct or indirect superiors

7.Superiors shall not take any action against grievant employees or hold them accountable

8. PMA employees must not seek to resolve a complaint or grievance within or outside of PMA before prior consultation with the Ombudsperson Office

9.The Ombudsperson Office shall establish a culture of respect for the rule of law and legal bodies and of abidance by official and legal channels in handling disputes between employees and their respective departments when claiming their rights as the best serving means to attain these rights, away from means like violence and irregular channels that produce adverse effects at all levels

10.The Ombudsperson Office will participate in the preparation of relevant PMA regulations


Ethics Office

The Ethics Office, reports directly to the Governor, is responsible for maintaining Ethics and Conflict of Interest policies to guide PMA employees with respect to standards of conduct expected in areas where improper activities could damage the PMA’s reputation or otherwise result in serious adverse consequences to the PMA and to employees involved. The Office works to safeguard the integrity of the PMA and prevent any form of corruption. The Ethics office’s primary duties include establishing standards of conduct, developing and issuing rules and regulations governing the conduct, interpreting the Ethics and Conflict of Interests restrictions, establishing the framework for the financial disclosure systems for PMA employees, and developing relevant training and education programs for use within the institution.


The Office of Internal Audit

The Office of Internal Audit was established early 2008 to perform its duties according to the Risk-based approach (Risk Assessment) and the International Standards for the Professional Practice of Internal Auditing. The main objective of the Risk Assessment process is to develop the Annual Audit Plan in order to deploy resources efficiently and determine where audit efforts should be focused. The purpose of the Office of Internal Audit is to provide to the Board of Directors of the PMA – through the Audit Committee - an independent, objective assurance and consulting services designed to add value and improve PMA’s operations. It helps the PMA to accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.


Risk Management Office

Risk Management Office is an independent office in the Palestinian Monetary Authority, where administratively it follows the Risk Management Committee in the Board of Directors, in accordance with the principle of transparency and compliance with laws and international standards and best practices in this regard.

Risk Management Office focus on developing a comprehensive framework for risk management at enterprise level, and overseeing the implementation of the enterprise risk management activities through hedging and reduce the likelihood of variability and uncertainty in achieving the goals and the best performance in the functions and operations of the various departments. The office promotes risk culture and awareness between different departments and functional levels, and supports higher management to overcome the challenges and the development of policies, regulations and internal controls in compliance with international standards and best practices. The Office includes three divisions: Business Continuity Management, Operational Risk Management, and Financial Risk Management.