From anti-money laundering to the digital euro: the five strategic objectives in the Bank of Italy’s plan
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MILAN – Five strategic objectives – from the strengthening of anti-money laundering to the digital euro – in a scenario of economic prospects made “less favorable and clear” by “international tensions deriving from Russia’s aggression”. They are what the Bank of Italy has defined in its 2023-2025 strategic plan, introduced by the governor Ignatius Viscoin his last year of office.
The plan establishes “the objectives and actions that the Bank intends to undertake to best carry out its institutional mission, encouraging the reallocation of resources towards strategic priorities and the pursuit of organizational and management improvements, necessary to ensure efficiency. Through the Plan, the Bank transmits the vision and priorities of the organization to its staff and the community and provides a point of reference for the individual choices to be made over the three-year period”, explains via Nazionale. The strategic document, it is underlined, with a “strong international dimension” is divided into five strategic objectives and seventeen action plans.
In the first place is “strengthening the commitment to a stable and secure financial system”. This is followed by the intention of “promoting innovation in the economic and financial field more strongly in Italy and in Europe”, then to “strengthen the protection of customers of banking and financial services and dialogue with the outside world in an ever more direct and open to hearing”. Last two points, “fostering the energy and environmental transition” and therefore “making the organization increasingly inclusive, efficient and capable of innovating”.
Stable and secure financial system
The first of the strategic objectives is linked to the commitment to a financial system that “even in a phase that promises to be not easy” is “capable of face new risks and seize the opportunities of new technologiesPalazzo Koch’s intention is “to increase the resilience of the intermediary system with actions aimed at monitoring the impacts of the current and prospective context, updating the rules and supervisory tools, stimulating the financial system towards adapting to the challenges posed by the innovation” but also “to give impetus to digitization of the financial system by promoting an innovative, efficient and secure payments market, which produces benefits for the entire economy and for the individual players who operate in it, enhancing dialogue with the outside world and strengthening synergies between the Bank’s various functions”. On the agenda is to “strengthen the action of anti-money laundering” and thus “help strengthen the cyber resilience of the Italian financial system and the security of infrastructures and payments in the digital dimension”.
Financial innovation in Italy and Europe
At the heart of innovation, Bankitalia – which claims a central role in European payment platforms – “is now working intensely on an important new European project, which could bring great benefits to the economy and society, relating to thedigital euroi.e. electronic money issued by the central bank and secure for the citizens”. The “similar” role in the field of statistics” with two projects on the harmonization of statistics of the European System of Central Banks (Integrated Reporting Framework) and that (Banks’ Integrated Reporting Dictionary) on European supervisory and resolution statistics. On a national level, via Nazionale “is investing energies to strengthen its functions of economic analysis” and intends to “enhance its presence on the territory“.
Customer protection
At this point we recall the commitment in the “initiatives of financial educationwith particular attention to the most fragile categories” and it is announced that “particular attention will be paid so that the digitization of financial and payment services, which can bring great benefits to the economy, does not instead translate into an additional source of risks for consumers”.
Green transition
What is defined as “a distinctive trait of the new Plan is the commitment to ecological and energy transitionfor the benefit of the community and future generations”. The goal is “to direct investments towards more sustainable ones” by urging “the financial system to increase its resilience to the risks associated with climate change and the energy transition”. it is expected to define “a long-term program to eliminate net greenhouse gas emissions”: on the agenda is the efficiency of the structures, the push towards the self-production of renewable energy and the adoption of sustainable mobility solutions for travel home-office and work.
People
Finally, a cornerstone is dedicated toorganization. The goal is to make it “increasingly efficient, capable of promptly and flexibly reallocating resources to current priorities; capable of innovating, making the most of the potential of the new hybrid working model introduced in April 2022, of new technologies and “artificial intelligence; open and inclusive, respectful of the diversity and uniqueness of people, who have always been the Bank’s most important capital; attentive to the management of new risks”.
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