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Strategic Planning and Project Management

Santo Domingo, República Dominicana
July 6 - 8, 2022


Inauguration of the seminar

Roberto Marino, advisor to the director of CEMLA, welcomed the participants of the Meeting and presented the objectives of the INTERNATIONAL SEMINAR ON STRATEGIC PLANNING AND PROJECT MANAGEMENT IN CENTRAL BANKS.  He commented that it is a great satisfaction for CEMLA to see a significant number of distinguished participants gathered at this meeting, many experts in the field of strategic planning and project management in central banking. He stressed that the large participation denotes the great interest in the subject throughout the various areas that make up the central banks.

He stressed that the theme of this Seminar on STRATEGIC PLANNING AND PROJECT MANAGEMENT IN CENTRAL BANKS is of paramount importance to understand the functioning of modern central banking, especially the important role that strategic planning and project management have for the effective functioning of central banks. By carrying out strategic planning, central banks create a vision of where they might be in the future, which allows them to have a much clearer idea of the strategies they must define and what each of their members have to do to achieve that successful future.

With regard to the international environment, he commented that, at present, central banks face great challenges, just when policymakers were breathing a sigh of relief with the end of the pandemic in sight, the outbreak of inflation and the conflict between Russia and Ukraine have posed new and daunting challenges.

He noted that the primary short-term challenge for central banks is to prevent the world economy from moving from a low-inflation regime to one of high inflation. In meeting this challenge, policymakers should seek to limit the costs to the economy as much as possible and safeguard financial stability.

Therefore, it is essential that central banks have the ability to cope with the new environment that is constantly changing and continue with their operations despite crises or moments of uncertainty. In that sense, he considered that strategic planning works as a guide for central banks to define the way forward to achieve their goal of maintaining price stability and supporting economic growth.

On the first day of the seminar there were presentations by:

Raúl Velarde D., International Consultant who spoke on "Strategic Planning in Central Banking". In his speech he highlighted why strategic planning is important in central banks, the mission of central banks, the nature of the strategic process, the current environment and the nature of planning, discipline in the process and attention to cognitive biases, PESTEL analysis: connecting the environment with the bank, on the methodology and the strategic process, the scope of the strategic plan and the roles of management in the implementation of the strategic plan.

Mauricio Javier Hurtado Figueroa, Bank of Mexico, spoke about the "Experience in the Management of Strategic Planning and Project Management in the Central Bank of Mexico". In particular, he highlighted the objectives of planning at Banco de México:1) Define priorities and focus the institution's efforts. 2) Link the use of budgetary resources to the achievement of expected results. 3) Facilitate the management of the Bank through standardized practices and tools. 4) Clearly communicate to workers the priorities of the institution. 5) Promote collaboration and the use of synergies between the areas. 6) Strengthen the relationship between the objectives pursued by the Bank and the individual contribution to its employees, aligning the evaluation of performance to the achievement of the objectives of the Institution. 7) Promote transparency and accountability on the objectives and results obtained.

Gilberto Quesada, International Consultant, his lecture was on "Balanced Scorecard" and "Mutual Agreements", in particular he highlighted what the Balanced Scorecard was 20 years ago and what it is now, based on the books of Robert Kaplan and David Norton “Balanced Scorecard”, and “The Executive Premium”.

Mariela Murillo Víquez, Central Bank of Costa Rica, "New technological trends to develop digital transformation"

Coralia Bulhoes , Bank of Canada,presented the "Experience in Strategic Planning Management at the Central Bank of Canada". She highlighted Bank of Canada's vision and values: To be a leading, dynamic, committed and reliable central bank, committed to a better Canada. She highlighted the strategic lines: Think about the future; Include everyone; Inspire confidence. Deliver on the promise to give Canadians the confidence to pursue opportunities; promoting economic and financial stability; navigating relentless change with rigor and integrity.

On the second day of the seminar there were presentations by:

Fabiola Herrera. BCRD, spoke about the "Innovation in Central Banking, experience of the Central Bank of the Dominican Republic (BCRD)". In particular, she addressed the following topics: 1) Technological Innovation vs Digital Transformation vs Central Banks. 2) BCRD experience and lessons learned.  3) Advances in Payment Systems and Fintechs and 4) Cybersecurity in the Dominican Republic.

Michael Peschel, Deutsche Bundesbank. Experience in Strategic Planning Management".

Monique Aubry, PhD. International Expert in PMO. "Fundamentals and Implementation of a Project Management Office (PMO)".

Carolina Boros, Central Bank of Brazil, "Experience in the implementation of the Project Office of the Central Bank of Brazil". She spoke of the general characteristics · PMO in a department linked to the presidency (best practice). · Efficient structure: 1 boss, 2 specialists and 1 responsible for the back office. · PMO team focused on delivering solutions (autonomy). · Project managers are located in the technical areas. · It is possible to track CPI and SPI through the software, but we focus on the profits generated. · Strategic portfolio 2022: 1 Program (4 projects) and 28 Projects.

Hadabel Rodas, Central Bank of Honduras. "Golden Goose Award".

On the third day of the seminar there were presentations by:

Mariela Iturriaga, and Cristián González, Central Bank of Chile. They presented the "Experience in the Management of Strategic Planning in the Central Bank of Chile". Their presentation included Strategic Definitions, the Strategic Plan 2018 – 2022 and the Strategic Planning Process 2023 – 2027 of the Central Bank of Chile. They pointed out that the mission of the current BCCH is to ensure the stability of the currency and the normal functioning of internal and external payments, thereby contributing to the proper functioning of the economy, financial stability and the well-being of society.

Laura Carolina Villa-Roel, Central Bank of the Republic, Colombia."Measurement experience in the Implementation of Strategic Planning". Her presentation dealt with strategic planning at the Central Bank of the Republic of Colombia. She addressed the topic of SMART indicators: S Specific, M Measurable, A Achievable, R Relevant, T Time Bounded.

Marco Tulio Juárez Chavarría, Central Bank of Guatemala "Closing the Gap Between Planning and Execution". In his presentation he highlighted the key success factors for strategic planning in the Central Bank of Guatemala: 1) Leadership of the authorities, senior officials and officials, 2) Availability of the necessary resources to achieve the strategic objectives, 3) Knowledge and cohesion of the institutional strategic plan by the workers, 4) Commitment, professionalism and capacity of the human talent of the institution to contribute to the fulfillment of the fundamental objective, 5) Monitoring and measurement of strategic objectives, 6) Timely dissemination of IEP results, 7) Adequate planning of strategic projects.

Eunice Duran, Central Bank of the Dominican Republic. BCRD "Office of Strategic Management (SMO)".She spoke about the key practices in a corporate project portfolio management office: 1) Ensure that projects are aligned with the strategy. 2) Provide visibility of current and future projects to identify gaps and improve the allocation of resources. 3) Improve the performance and commitment of stakeholders to achieve organizational goals. 4) Actively involve executives in portfolio governance to improve decision-making. 5) Manage the resolution of conflicts in continuous operations to optimize the allocation and use of resources. 6) Identify gaps in the capacity and competencies of resources with a view to achieving the expected results. 7) Manage risks and changes to improve organizational performance.

Roberto Marino, CEMLA "Challenges for strategic planning and project management in central banking". He noted that, at present, central banks face great challenges and new challenges due to the great impact of recent events. Just at a time when policymakers thought the end of the COVID-19 pandemic was near, the untimely rise in inflation and the invasion of Ukraine by the Russian military have required central banks to take an in-depth look at the external context and the new global reality, especially with regard to the prospects for global economic growth, the functioning of the financial system in general and banking in particular.

He stressed that, at present, policymakers face a situation of historically low interest rates, and historically high levels of debt – private and public. This makes it difficult to make monetary and fiscal policy decisions. He considered that, in this environment, central banks face unprecedented uncertainty. It can be said that the great unknown for central banks is whether the untimely increase in inflation is a change of regime, from a regime of low inflation to a regime of high inflation.

Wednesday July 6, 2022
Welcome and opening of the Seminar
  • Authorities of the Central Bank of the Dominican Republic.
  • Lic. Roberto Marino, CEMLA
Raúl Velarde D., International Consultant
Gilberto Quesada, International Consultant
Coffee Break
Mariela Murillo Víquez, Central Bank of Costa Rica

“New Technological Trends to Develop Digital Transformation”

Rundown (Summary of key ideas presented during the day. BCRD)
Thursday July 7, 2022
Reinforcing Knowledge. (Review of important points from the previous day). BCRD
Michael Peschel, Deutsche Bundesbank

"Experience in Strategic Planning Management"

Coffee Break
Hadabel Rodas, Central Bank of Honduras
Rundown ((Summary of key ideas presented during the day. BCRD)
Friday July 8, 2022
Reinforcing knowledge. (Review of important points from the previous day). BCRD
Mariela Iturriaga y Cristián González, Central Bank of Chile
Laura Carolina Villa-Roel, Central Bank of the Republic, Colombia
Marco Tulio Juárez Chavarría, Central Bank of Guatemala
Coffee Break
Eunice Durán de Vasquez, Central Bank of the Dominican Rep. BCRD
Conclusions of the Conference

Lic. Roberto Marino, CEMLA. "Challenges for strategic planning and project management in central banking"

Round table with final reflections from all participants
Closing remarks. BCRD - CEMLA
Dr. Raul Velarde Dabrowski

He is an industrial engineer from the Anahuac University, completed his master's degree at the Pan-American Institute of Senior Business Management (IPADE) and obtained his doctorate from Harvard University Business School.

He was a professor at IPADE for 14 years, has been General Director of companies and Director. For 25 years he has been a business consultant and has carried out strategic planning processes with more than 70 companies and institutions in various fields. Together with Francisco Arenas Ballester, a colleague from IPADE, they lead these processes with a direct immersion together with the leaders of the organizations, with an approach that is not only economic but also anthropological.

He works with the premise that the future construction of each organization is strongly influenced by the beliefs, visions, knowledge, and incentives of the person and that this understanding is fundamental for the creation of an internal context that facilitates the elaboration and implementation of plans. strategic.

He has carried out strategic planning processes in government agencies such as the Central Banks of Mexico and the Dominican Republic, in the National Banking and Securities Commission, and the Mexican Ministry of the Interior.

Mauricio Hurtado Figueroa

Began his professional career at Bank of México as a systems developer, then as a leader of IT development or instrumentation projects, which are the first web applications in the institution. Subsequently, he contributed as leader of various information architecture projects and the development of the first transparency’s area of the Institution.

Due to his proven experience in project management, he was invited to participate in the creation of the first formal strategic planning area of ​​the central bank in 2005. His main role in this position was to contribute to methodological definitions to give structure to strategic planning. and lay the foundations for a system to monitor the implementation of the strategy.

Currently, as Planning and Projects Manager, he is primarily responsible for coordinating the definition of Bank of México's strategic planning and the institutional framework for its monitoring. In this role he has contributed to the definition of the last two strategic plans of the Institution. Likewise, it is in charge of the Project Management Office, which develops the methodological principles in the matter, provides support to project managers and prepares the executive reports that are presented to senior management for the follow-up of the strategy.

Graduated in Applied Mathematics and Computing, has a Master in Electronic Commerce and a Master in Finance. He also has studies in Senior Management, Strategy Management and Project Management, as well as a Project Management Professional (PMP) certification.

Gilberto Quesada Madriz

Costa Rican, Retired consultant from ISOSCORECARD. He studied at the University of Costa Rica, University of Science and Technology, Master in International Trade. He worked for Grupo Kaizen, José Leñero y Ass, Industrias Firestone, Olympic Fibers, Sony Music

Speaker in Strategic Planning, Balanced Scorecard, ISO 9001, Reengineering, Total Quality, Just in Time, Statistical Process Control. He has developed consulting and training processes in companies such as Dominico Americano (DR), Central Bank of Honduras, Central Bank of the Dominican Republic, Ministry of Public Works (CR), CONARE (CR), Comptroller General of the Republic CR, SENARA (CR) , INCOOP (CR), BANCO DE CR, BANCO CREDITO AGRICOLA (CR) Electric Lighting Company of San Salvador (CAESS), Miravalles Geothermal Project, ICE-UEPYSA, Compañía Nacional de Fuerza y ​​Luz S.A. (CR), Aeris (Alterra) , National Insurance Institute(CR), CENADA(CR), INA(CR), CIVIL AVIATION(CR), ESPH S.A.(CR) Central American Monetary Council(ES). Regional Operator Entity (RD), Coopeservidores (CR), ICT-AUDITORIA (CR), INS-PENSIONES (CR), PROCOMER (CR), UEN PYSA, BICSA (Panama), Accountants College CR, Engineers College (CR)

International Consultant in Guatemala, Mexico, Honduras, El Salvador, Nicaragua, Panama, Cuba, Ecuador, Dominican Republic. He has provided consulting and seminars virtually.

Mariela Murillo Víquez

Official of the Central Bank of Costa Rica.

Master in Planning, with an emphasis on Strategic Planning from the National University of Costa Rica with Cum Laude mention.

She has a degree in Public Administration from the University of Costa Rica (UCR). 15 years of experience in planning processes in public and private organizations.

Professor in the Master's Degree in Strategic and Prospective Thinking at the National University of Costa Rica (UNA) on the subject of Technological Surveillance.

International Specialization in Digital Transformation, Lean and Agile Project Management by Ubbiquo Business School Miami, FL USA; Professionally certified as Scrum Master. She is currently certifying in the Agile People methodology.

She is currently working in the Transformation and Strategy Division in the Planning and Management Control Department in the position of a.i. Director.

Coralia Bulhoes

Coralia Bulhoes was appointed Chief Financial Officer (CFO) and Managing Director (MD) of Financial Services, effective March 2020. In this capacity, she is responsible for the Bank’s financial framework: from implementing the corporate planning cycle to delivering all accounting and financial reporting services. She provides business support to the Executive Leadership team and is a member of the Management Council.

Ms. Bulhoes brings to the Bank more than 18 years of leadership experience in corporate services and business management. She was previously Chief Operating Officer (COO) at the Federation of Canadian Municipalities (FCM), a role she had held since 2006. Prior to assuming the COO role, she was FCM’s Director of Finance.

Ms. Bulhoes is a Chartered Professional Accountant and has a Bachelor’s degree in Accounting from the Université du Québec en Outaouais.

Fabiola Herrera

Fabiola Herrera currently works at the Central Bank of the Dominican Republic, as Deputy Manager Systems and Technological Innovation, covering the area of ​​Payment Systems, Cybersecurity and Fintech, both in regulatory, operational and innovation aspects. She has a degree in Computer Science; Technician in Mathematics, Statistics and Programming; Analyst-Programmer Technician and has postgraduate degrees in Functional Analysis, Process Analysis and Redesign, Digital Transformation Program (MIT).

Contributed to promoting the national legal framework for cybersecurity in the financial sector, and the creation of the cyber incident response center for this sector.

Coordinates, together with the Ministry of Industry and Commerce and SME, the Digital Economy Table within the Presidencial digital agenda, where financial inclusion is one of the main pillars. She was the main promoter and manager of the creation of the Innovation HUB in the Dominican Republic. Within the Central Bank, she coordinates the Technological Innovation Forum, which analyzes issues of digital money, fintechs, financial inclusion, digital payments, AI, machine learning, CBDC, among others.

Monique Aubry

Ph.D, she is a professor at the School of Business Sciences of the University of Quebec in Montreal (UQAM). Her main area of research interest is Project Management Offices (PMOs) and their relationship to organizational performance.

The results of her work have been published in leading academic journals and she has presented at various international conferences, both research and professional. She is a member of the Project Research Chair Directorate (www.pmchair.uqam.ca).

Before joining UQAM, Monique Aubry was a project manager at a major Canadian financial group for more than 20 years. She is a PMI Standards Advisory Group (MAG) Member. She is involved in the local PMO community of practice, where she contributes to strengthening the links between practitioners and researchers.

Carolina Boros, PMP®

Carolina Boros has a degree in Global Management from the Hochschule Bremen and a postgraduate degree in Organizational Communication from the FIA/USP.

Ms. Boros has worked at the Central Bank of Brazil since 2006 and currently holds the position of head of the Project Management Office PMO.

Hadabel Rojas Gomez

Degree in Business Administration from the National Autonomous University of Honduras, with a Master in Economics and Finance from the Catholic University of Honduras. She is PhD in Business Management, National Autonomous University of Honduras (UNAH).

Head of Section of the Department of Organization and Planning of the Central Bank of Honduras.

She also worked in 2002 as a Technical Assistant at the World Bank-Honduras.

Mariela Iturriaga

Mariela Iturriaga Valenzuela is Division Manager of Administration and Technology at the Central Bank of Chile since January 2019. Its current responsibilities include Planning and Management Control, Procurement, Accounting and Technology.

Before 2019, she was the bank´s Manager of Operations and Payment Systems, where she oversaw the back office of domestic open market operations, international reserves and foreign funds operations. She was also responsible for the operation of the High Value Payment System.

Mrs. Iturriaga joined the bank in 2005 as the Head of Financial Markets Department and became the editor of the Financial Stability Report. She also led the group monitoring nonfinancial companies and participated in several projects involving the bank, other institutions, and regulators, such as the implementation of the Transparency Act and the construction of Financial Soundness Indicators for the IMF.Prior to 2005, Mrs. Iturriaga was an equity analyst, specializing in the most relevant sectors of the equity market (energy, retail, and telecommunications). She was also into corporate banking participating in M&A and project financing and previously, worked in consultancy services related to economics and finance. Her first job was at the Research Department of the Central Bank of Chile. Mrs. Iturriaga graduated from Pontificia Universidad Catolica de Chile as an economist and also holds a Master degree in Economics from the same university.

Eunice Durán de Vasquez

Civil Engineer, Master in Public Administration and Postgraduate in Construction Project Management. Member of the Association for Strategic Planning (ASP), the International Institute of Business Analysis (IIBA) and the Project Management Institute (PMI). International Lecturer and Subject Matter Expert (SME) for the revision of Strategic Planning and Project Standards.

University Professor UNICDA, UNPHU and UNIBE.

Technical Consultant of the Planning and Budget Department of the Central Bank of the Dominican Republic (CBDR), in charge of the Office of Administration of the Strategic and Operational Plans EPMO-BCRD, PMO Finalist for the International PMO Award of the Year 2014, and Richard Goodman of Strategic Planning 2018 and 2021.

41 years of experience in the professional practice of public and private project management, and project offices for the public sector. Certifications: SMP, PfMP, PgMP, PMP, PMI-BA, JMT, PMO-CP, Business Simulators, UNIBE Teacher and UNPHU Teacher.

Laura Villa-Roel

Economist, with a postgraduate degree in Finance, Master of Business Administration -MBA and Master of Project Management from NYU (New York University).

She currently works as an Expert Professional at the Bank of the Colombian Republic, an institution to which she has belonged for more than 11 years. There, she is mainly dedicated to proposing and designing tools for the preparation, deployment and monitoring of the strategic plan and advising, accompanying and consolidating the preparation, deployment and monitoring of strategic planning in order to facilitate the definition of objectives, initiatives and indicators that allow the best fulfillment of the Bank's objectives.

She has been Administrative and Financial Deputy Manager of the Agrarian Bank, Advisor to the Ministry of Agriculture and Rural Development and Consultant in the "Productive Alliances" Project, which worked mainly with credit resources from the World Bank, the Ministry of Agriculture and Rural Development.

Lic. Marco Tulio Juárez Chavarría

Began his work at the Bank of Guatemala (BANGUAT) at the end of the year 1989, in the Department of Monetary, Exchange and Credit Policy Execution. Next, he continued his development route in the Staff Unit of Planning and Organizational Development, in which he has a career of more than 25 years, being the current Advisor of Planning and Organizational Development of the Central Bank. Within the institution, he has specialization and experience in issues related to Strategic Planning, Budget and Operational Plan, Project Management, Operational Risk Management, Business Continuity, Process Management and Administrative Procedures, among others.

He is a Public Accountant and Auditor, graduated from the University of San Carlos de Guatemala. In addition to that, he is a graduate of the Higher Studies Program specializing in Central Bank Administration, endorsed by the Center for Latin American Monetary Studies (CEMLA), Banco de Guatemala and Rafael Landívar University. He also obtained a Master's degree in Finance from the Rafael Landívar University and a Postgraduate Specialization in Finance from the University of Valparaíso, Chile.